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Course description

WHAT

The Uniform Residential Loan Application (URLA), also referred to as the 1003 Mortgage Application, is the industry standard form used by nearly all mortgage lenders in the United States.

As the major purchasers of U.S. residential mortgage loans, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) developed the URLA as a standardized form for the industry, and it must be used for any mortgage they consider for purchase. Most lenders have adopted the form for all their mortgage loan applications.

While the URLA has been in use for decades, the format and content of the form has changed from time to time. When the Consumer Financial Protection Bureau (CFPB) published massive revisions in 2015 to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), major changes were made to the demographic information collected on borrowers for home mortgage loans. That prompted attempts at a full overhaul of the URLA to collect the revised demographic information and make many other changes.

But with so many stakeholders involved in the URLA’s redesign, it wasn’t until recently that the URLA and the related forms, including the Borrower Information (nine pages in length), the Additional Borrower, the Unmarried Addendum, the Lender Information, and the Continuation Sheet were finalized. According to the current schedule, announced April 14, 2020, acceptance of the forms by Fannie Mae and Freddie Mac will begin with limited testing by selected lenders on August 1, 2020, and all lenders can start using the new forms January 1, 2021 (the effective date in the footer of the form is being changed to 1/2021). Use of the new forms will be mandatory on March 1, 2021. The current version of the URLA will no longer be accepted on or after March 1, 2022.

Are you and your mortgage lending staff ready? The countdown clock to the launch date is finally running.

WHY

This program provides comprehensive coverage of the revision process and the content of the revised URLA and related documents. The program includes step-by-step instructions on completing the forms and explains connections to CFPB's Regulation B (Equal Credit Opportunity Act) and Regulation C (HMDA). Program participants receive a detailed manual that provides a thorough explanation of the revisions and revised forms.



TOPICS

Upon completion of the program participants understand:

  • Regulatory requirements (Regulations B and C and OCC Part 27) for collection of demographic data;
  • Implementation Dates for the New Forms;
  • Optional Use Date;
  • Mandatory Use Date
  • New Uniform Residential Loan Application (Form 1003);
  • Section 1: Borrower Information;
  • Section 1a: Personal Information;
  • Section 1b through 1e: Current Employment/Self Employment and Income;
  • Section 2: Financial Information - Assets and Liabilities;
  • Sections 2a through 2d - Assets and Liabilities;
  • Section 3: Financial Information - Real Estate;
  • Sections 3a through 3c - Property and Additional Property;
  • Section 4: Loan and Property Information;
  • Sections 4a through 4d - Loan and Property Information, Other New Mortgage Loans, Rental Income, Gifts and Grants;
  • Section 5: Declarations
  • Sections 5a and 5b - About this Property and About Your Finances;
  • Section 6 - Acknowledgements and Agreements;
  • Section 7 - Military Service
  • Section 8 - Demographic Information;
  • Coordination with the HMDA requirements
  • Section 9 - Loan Originator Information
  • Demographic Information Addendum
  • Additional Borrower Form
  • Unmarried Addendum
  • Lender Information Form
  • Sections L1 through L3 - Property and Loan Information, Title Information, Mortgage Loan Information;
  • Sections L4 - Qualifying the Borrower; and
  • Continuation Sheet

Instructor(s)

Jack Holzknecht

Jack Holzknecht is the CEO of Compliance Resource, LLC. He has been delivering the word on lending compliance for 39 years. In Jack's 34 years as a trainer over 125,000 bankers (and many examiners) have participated in his live seminars and webinars. Jack's career began in 1976 as a federal bank examiner. He later headed the product and education divisions of a regional consulting company. There he developed loan and deposit form systems and software. He also developed and presented training programs to bankers in 43 states. Jack has been an instructor at compliance schools presented by several state bankers associations. He developed and delivered compliance training for the FDIC and OTS for ten years. He is a Certified Regulatory Compliance Manager and a member of the National Speakers Association. He is also a "BOL Guru."

Course curriculum

  • 1

    Webinar

    • Access Webinar

  • 2

    Materials

    • Materials

    • Slides

    • Questions and Answers

  • 3

    Webinar Evaluation

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