To help the industry prepare for mandatory use of the redesigned Uniform Residential Loan Application, also known as form 1003, Fannie Mae and Freddie Mac recently highlighted “new” and “updated” sections of their existing FAQ on URLA requirements set by the government-sponsored enterprises.
The updated FAQ includes six updated sections and four newly added ones, giving it 26 collectively. Some of the highlighted sections provide clarity about certain definitions pertaining to the new URLA form, technology based questions pertaining to the new requirements and more.
Read on to get more details.