For lenders and compliance attorneys preparing to implement procedures necessary to comply with the government-sponsored enterprises’ (GSEs) new Uniform Residential Loan Application (Form 1003), there are bound to be questions that come up along the way.
To provide answers, Dodd Frank Update invited DocMagic Chief Compliance Officer Gavin Ales and Garris Horn PLLC Partner Richard Horn to offer straight-forward, comprehensive explanations pertaining to a myriad of common questions about the new requirements in a recent webinar entitled “New Loan Application (URLA): Your Questions Answered.”
Ales and Horn offer detailed how-to for what industry professionals need to know in terms of implementing the revised requirements and training staff for compliance.
They also discussed the new Uniform Loan Application Dataset (ULAD) and new Desktop Underwriter Specification (DU Spec) created for submitting the redesigned Form 1003 data to DU. The documents were designed specifically to support changes in mortgage industry credit, underwriting, eligibility policies and regulatory requirements.
“As we’re considering new data and new things that we’re collecting, there are some wholly new areas that were not previously covered,” Ales says during the webinar, “such as education and counseling, language preference and, for people like me, liens on property.”
Horn offers insight throughout the webinar about key policy and procedure aspects to be aware of from a regulatory perspective, particularly those related to what look like those associated with TILA-RESPA Integrated Disclosure (TRID) requirements but aren’t quite.
The webinar offers a guide to using the new forms, including the unmarried addendum; updating one’s systems for the new ULAD; using the joint application and the proper collection of data; training consumer facing and underwriting staffers; and note important implementation dates and deadlines.
For more information, or to purchase a recording of the webinar, click here.