Are You Ready for the New URLA?

Starting January 2018, the newly redesigned uniform residential loan application (URLA) – also known as Fannie Mae Form 1003 – will have a cleaner look with more white space and a defined separation of borrower and lender information. It has also been updated so that it is compliant with the new Home Mortgage Disclosure Act (HMDA). However, the new Form 1003 has been specifically designed for electronic forms.

This is great if you've already switched over, but it can also cause information capture headaches for mortgage originators. That's where we come in.

Making the Transition Easy

MetaSource Mortgage can ease the information capture pain in two ways:

1. We'll convert all your paper mortgage applications into electronic form
2. We'll use document scanning and capture technology to automatically extract the vital information

This will not only make data capture quicker, but it will also assure more accuracy than manual data entry.

Flagging Deficiencies

Many mortgage originators and servicers conduct their own mortgage file QC audits. Who's auditing these auditors?

With continuously changing post-close, pre-fund, servicing, and MERS changes from Fannie Mae, Freddie Mac, FHA, HUD, and the CFPB, it's increasingly important to ensure your audit team is up to speed on all mortgage QC requirements and self-auditing your mortgage files properly.

Avoiding the Deutsche Bank Scenario

Deutsche Bank and their subsidiary MortgageIT settled federal fraud charges for $202 million as a result of repeated false certifications made to HUD in connection with the residential mortgage origination and sponsorship practices of MortgageIT. At the time of the lawsuit, the FHA had paid insurance claims on more than 3,100 mortgages, totaling $386 million, for mortgages endorsed by MortgageIT.

Welcome to the MetaSource Mortgage Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.

Welcome to the MetaSource Mortgage Monthly Compliance Update. To help you stay compliant and up-to-date, our newsletters contain mortgage compliance tips and updates. We hope that you find the content informative and useful. As always, your feedback is appreciated.