Fannie and Freddie extend URLA implementation timeline

Federal Issues GSE Fannie Mae Freddie Mac URLA Mortgage Lenders Mortgages Covid-19

On April 14, Fannie Mae and Freddie Mac issued a joint statement to announce that—due to the Covid-19 pandemic—the effective date of the revised Uniform Residential Loan Application (URLA) and Automated Underwriting Systems—is extended to January 1, 2021. Lenders must begin use of the redesigned URLA by March 1, 2021, and the current URLA will be retired on March 1, 2022. The revised URLA implementation timeline may be found here. Additional URLA information may be found on Fannie Mae’s URLA FAQs web page here, and on Freddie Mac’s URLA web page here.

Additional InfoBytes coverage on URLA can be found here.