The New Universal Residential Mortgage Application
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:
- We’ll convert all your paper mortgage applications into electronic form
- 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.
MetaSource Mortgage will also help to ensure the new information is captured by verifying it to flag deficiencies, as well as preforming pre-fund and post-close mortgage QC. This will ensure compliance with Fannie Mae, Freddie Mac and the FHA. It will also provide insurance against audits by the Consumer Financial Protection Bureau.
Let us show you how you can take advantage of the new URLA in improving your data capture’s speed and accuracy. We can demonstrate how we can take some of the stress out of converting your clients’ vital information to the new form.