After delaying the “optional use date”, yesterday the FHFA and GSEs announced the new 1003 mandatory use date will no longer be February 1, 2020. This should take some pressure off of lenders who were facing a deadline that was creeping up.
Now, the GSEs have been directed to make new modifications to the form. The good news is the industry will now be afforded additional time to make changes since the FHFA and the GSEs are extending the deadlines for the implementation of the URLA and AUS datasets.
They are removing the following two questions and may be adding a voluntary consumer information form, which will not be part of the form, to collect this information:
- The Language Preference question (Borrower Information, Section 1a.)
- The Home-ownership Education and Housing Counseling question (Lender Loan Information, Section L5.)
The Borrower Information, Section 6: Acknowledgments and Agreements, the statement on “Use and Sharing of Information” will be revised to address specific uses of borrower data. The Military Service question (Borrower Information, Section 1a.) will be moved to a new section adjacent to Section 7: Demographic Information. They will also be making other minor edits for consistency and usability.
The GSEs and FHFA will assess the impact of these changes in relation to a new timeline.
CLOES.online recently delivered The NEW URLA in live webinars and on-demand video episodes. As soon as the URLA form is finalized and implementation dates have been re-established we will announce when the updated course will be available.
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