When you log-in to the LOS on Feb. 8, 2021 the loan application you can currently complete in your sleep will be replaced with a redesigned Uniform Residential Loan Application (URLA). But don’t let the thought of change during this high-volume season send you into a panic, MMS has your back.
Our training team has producing videos to familiarize you with the new application. The videos are posted on the MMS Affiliates
website and available on-demand. These short, informative videos will show you everything you need for a smooth transition.
When we reviewed the new application, the process of taking the application didn’t change drastically. There were some new
questions added and the length of the application will now be variable instead of the standard four pages.
There are quite a few nice features. The redesigned form 1003 provides for greater efficiency, transparency and certainty, and includes:
• New and updated fields to reflect today’s mortgage lending business with obsolete fields removed
• Updated government monitoring information in accordance with the new Home Mortgage Disclosure Act (HMDA) requirements
• A Spanish informational version
• A loan application process which does not change for lender or borrower
• A cleaner overall look and feel – more white space, easier to navigate
• Consistent and simplified organization of fields and labels
• Clearer upfront instructions to enable borrower self-service
• Defined separation of borrower and lender information
What happens with applications started before Feb. 8, you ask? If the loan is closed by the end of 2021, a new application is not necessary.
If you have questions on the new URLA once you have completed the video training session, or you are a correspondent partner who needs to complete a test run before you roll out your URLA application, email email@example.com.