With the Federal Housing Finance Agency’s (FHFA) recent decision to temporarily put the brakes on the implementation of the new Uniform Residential Loan Application (URLA) issued by Fannie Mae and Freddie Mac Dodd Frank Update reached out Garris Horn PLLC Managing Member Richard Horn to find out what revisions the agency is likely to make to the address industry concerns.
The most likely element to be revised in the new form, also known as Fannie Mae’s Form 1003, is its language preference question, which was added by FHFA to identify Limited English Proficiency (LEP) consumers. Horn noted that the question presents a multitude of risks for lenders.
Find out how many types of risks can be associated with just one question.