It's rare for financial forms to last twenty years virtually unchanged. The Uniform Residential Loan Application (URLA), otherwise known as Form 1003 or Form 65, is a notable exception. For two decades, it has served as the industry standard form used by lenders to evaluate borrowers seeking mortgage loans.
That is about to change with the new URLA published by Fannie Mae and Freddie Mac in August of 2016. The August release was intended to allow those in the mortgage loan industry time to establish a transition plan for the new form, supporting systems such as the Uniform Loan Application Dataset (ULAD), and corresponding changes in automated underwriting systems (AUS).
The changes were driven in part by increased reporting requirements under the Home Mortgage Disclosure Act (HMDA). As a means of ensuring that discrimination does not take place in lending practices, the new URLA is designed to collect more information about gender, race, and ethnicity (primarily through subcategories of race and ethnicity) and maintain the data in a more usable form through the ULAD.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
"...designed to collect more information about gender, race, and ethnicity..." An improvement to the form would be to not ask these questions. Other than the necessary financial information, the form should ask only if the applicant is a U.S. citizen. Period.
Totally agree, 7:21! Of legal age and ability to repay the debt. That is all.
Totally agree with other comments - Only question, are you a U.S. Citizen? Then the next statement should be, Prove It!!
There are millions of people in the US legally that are not US citizens. They are entitled to loans. Small minds from smallville.
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