Back

Redesigned URLA Video – How to Use the 2021 Loan Application

Ahhh…another industry change while volume is at an all time high!  Just what we need in 2021! 

We started talking about the new URLA in 2018; and then it changed…and then it changed again.  Finally! After several years of the GSE’s designing formats, revising (adding and deleting) data points, and changing implementation dates…March 1, 2021 is upon us. So is…the URLA, the URLA-Additional Borrower and the Lender Loan Information.  Bye-bye Co-Borrower!

By now you probably know that all new loan applications originated on or after March 1, 2021 must be on the Redesigned Form.  Almost gone is the 3.2 file.  I say almost because there is always a little transition period between the old and the new!  By March 1, 2022…lenders will not accept a 3.2 file.  So Welcome…the 3.4 file!  (If you are curious what happened to 3.3, I’ve been informed it morphed into 3.4 or we could have had Versions 3.3.1, 3.3.2, 3.3.3…)

To kick off this momentous occasion, we present you an Redesigned URLA -An Originator’s Perspective on the Redesigned Form.   The objectives of this video are:

  • for mortgage professionals to again an understanding of how to originate using the new 1003
  • learn how to use the form to the lender’s and consumer’s advantage
  • begin to consider what underwriting changes may occur
  • gain insight on best execution for better customer experiences
  • learn the components of the Borrower Information and Lender Loan Information

Our video goes through the entire form and provides some commentary on the why, what and how.

The new URLA will flush out issues!  It will force originators to have a more in-depth conversation with consumers, capturing issues up-front before they become problems.

It will reduce underwriting turn-around times, cut down on conditions, and level the field for recruiting “a 3.4 MLO“, all ultimately improving the customer experience.  Competent MLOS can document the file better…they just need to understand why the data is asked for and how the answer will be documented.

One other reason to use the new form: portfolio lenders will be able to sell portfolio loans with a 3.4 file.

Here are the FAQs published by Fannie Mae.  One thing is clear:  the GSEs give lenders freedom to decide how to interact with consumers as well as how to process the data.  

What is your perspective?  Deb Killian:  deb@cloes.online

 

Debra Killian

Debra Killian, a seasoned Mortgage Loan Originator, Course Developer, and Instructor combines her extensive 35-year background in residential mortgages, real estate, banking, and accounting to excel in the mortgage industry. An alumnus of Western Connecticut State University with a B.B.A. in Accounting,

Debra has been a transformative figure in residential mortgages since 1994, overseeing and managing over $1 billion in real estate loans. Her unique educational and professional journey has positioned her as a dynamic and effective trainer in the mortgage and real estate sectors, offering tailored courses that use mortgage competencies in building long-term relationships with customers and real estate professionals.

A trailblazer in mortgage education, Debra co-authored pivotal NMLS-approved courses, including the 20-hour Pre-licensing SAFE Act course in 2010 and The Mortgage Professional for the same curriculum in 2011. Her contributions continued with co-authoring the MBA's School of Loan Origination and mortgage and real estate continuing education classes.
Debra relentlessly pursues the latest industry trends and regulatory changes, ensuring her courses, both new and existing, are continuously updated and aligned with current standards and practices.

Debra's leadership extends beyond her immediate professional sphere, evidenced by her past roles in the CT Mortgage Bankers Association, the National Association of Mortgage Professionals (NAMB) and various real estate associations.

A sought-after speaker, Debra lends her expertise to various professional groups and is dedicated to developing and delivering custom courses, reflecting her passion for education and industry advancement.

She and her husband Donald DeRespinis, own Charter Oak Systems, LLC which operates Cloes.online, and online education provider for pre-licensing courses required by the Secure and Fair Enforcement ACT (SAFE) Her passion is providing mortgage loan originators competency based training and professional development courses to all elevate mortgage loan originators. In addition to NMLS required courses, Debra and Don provide an array of compliance training to help companies comply with federal and state laws.

You may also like

NAR’s Home Finance Resource Certification presented by Deb Killian
September 5, 2024

NAR’s Home Finance Resource Certification presented by Deb Killian Watch video:   

What New Mortgage Loan Originators Need to Know That Nobody Ever Tells You
August 26, 2024

The mortgage origination field can seem quite appealing, offering the potential for high earnings, autonomy, and the satisfaction of assisting others with their home financing. However, this allure often leads to unrealistic expectations and, ultimately, disillusionment and failure. True success in the mortgage industry requires setting realistic goals and taking full ownership of your career. Many companies tend to over-promise and under-deliver, advertising top-tier rates, extensive support, and lucrative compensation plans to attract newly licensed …

Do You Have What It Takes2
When Starting a Mortgage Broker Business…Hope is Not a Strategy!
August 1, 2024

Leave A Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Powered by CLOES.online.