Part III sides 29 to 37

Transcription

1 Part III sides 29 to 37

2 Redesigned URLA Liabilities Sections Assets and Liabilities are in separate sections for greater flexibility Liability Pick Lists help borrowers know what liabilities to enter where Ability to add as many liabilities as needed Ability to indicate a borrower does not have additional liabilities

3 Current URLA REO Section No easy way to link property owned to liabilities Data required for each column is not explained Complicated Net Rental Income calculation cannot be completed by borrowers

4 Redesigned URLA REO Section Borrower can easily indicate no real estate owned or no liability on real estate Simplifies Net Rental Income by allowing Borrowers to enter their gross rents, and Lenders can calculate the underwritten rent for investment properties Captures HELOC Drawn and Maximum amounts

5 So What s the Buzz about the Redesigned URLA? Borrowers Format is readable and usable I made fewer mistakes Keeps information private Makes review process cleaner SURPRISE: took less time to complete than expected Loan Originators Will speed up the origination process and allow more loans to be processed Will reduce back and forth with consumers and allow red flags to be spotted more easily A single borrower application is an improvement there is less chance of missing or inaccurate information and it is easier to review 5

6 Benefits to Loan Originators More Relevant URLA captures new and updated data Eliminates data fields no longer needed for underwriting LPA v5.0 updated to MISMO v3.4 Simplifies Application Process Flexible Not all applications are the same Easier to read and complete Add borrowers easily without repeating data Separates borrower- and lender-provided information Enhances Data Quality Standard terms and definitions promote common understanding Data consistency improves data quality starting at the beginning of the mortgage lifecycle

7 Benefits to Borrowers Easier to Complete and Review Improves navigation not so cramped Clearly shows borrowers the information used to qualify for a loan Design elements are consistent across components Simplifies Application Process Separates borrower- and lender-provided information Minimal lender intervention needed One-borrower focus grants greater privacy to multiple borrowers Increases Borrower Understanding Legal Acknowledgments are streamlined, reorganized and phrased in plain language Data the borrower provides/attests to is grouped together

8 What Can You Do to Prepare? Changing processes and formats to consume and exchange the new URLA and AUS datasets is a big job for all of us GSEs will announce URLA and AUS specification timelines this summer We are providing these documents now so you can begin to digest them and use them to plan for needed changes in 2017 and beyond If you use an LOS or form-rendering vendor(s), engage with them soon to begin planning your transition to the new form and AUS datasets

9 ULAD Initiative Products Available on FreddieMac.com Available at URLA Redesigned URLA (fillable PDF) and Instructions URLA Dynamic PDF URLA Spanish Guide HMDA Demographic Addendum to Current URLA (to be used starting 1/1/2018) if not ready for redesigned URLA ULAD Map of URLA data to MISMO v3.4 (non-implementable) Numbered URLA for Cross-Referencing Purchase Use Case Refinance Use Case Explanation of Arc Roles Password Access to LPA v5.0.01specifications

10 Questions and Answers For More Information-- URLA/Loan Product Advisor Check out the ULAD page at Send an to or UCD Check out the UCD page at Send an to or Call your Account Representative Call FREDDIE