COVID Unlikely to Shift GSE URLA Timeline
By: Bill Dolan, CMB
A recent viral LOS conference was attended by one of our own mortgage technology consultants, Lance McGrath. Lance had the opportunity to engage with representatives from both Fannie Mae and Freddie Mac walking away with several general steps provided and that you should be preparing for prior to implementation. They were:
Download and review the final updated interactive URLA forms available on each of the GSE’s websites.
Identify any data on the updated redesigned URLA that you are currently not collecting and develop a plan to obtain the necessary data.
Review updated URLA instructions with your mortgage front-end team (LO’s, Processors, Underwriters, Closers) to be sure the intention of each form field is totally understood.
Review each GSE’s FAQs on their respective URLA webpages for additional information to help with implementation of the redesigned URLA 1003.
Regularly check each GSE’s URLA webpage for additional updates to supporting documentation.
Determine the type and timeline of testing you need to conduct with all of your industry partners and work with them to understand when you will be ready to produce and receive the new data interface files along with the URLA.
If you are currently overwhelmed with volume, backlogs, HMDA, lack of personnel, and not enough hours in the day and the list just keeps on growing, let SCA take the worry and alleviate the pain associated with projects such as these. Pick up the phone and call or text SCA at (617) 694-2617 and let us help.
Spillane Consulting Associates has served the residential mortgage lending business since 1991. We have specialized in mortgage banking consulting services and provided quality control reviews, risk management and process consulting and employee training to credit unions, community banks and non-depository institutions. We are a thought leader on the strategic growth of residential mortgage lending. You can learn more by visiting our website, or scheduling a meeting with me or one of my colleagues.
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