Fannie Mae and Freddie Mac have announced that they have published redesigned versions of their Uniform Residential Loan Application Form (URLA), the first substantial revision to the form in more than 20 years. The update to the standardized form used by borrowers to apply for mortgage loans may be used starting January 1, 2018, but will not become required until sometime thereafter. This substantial lead-up time was expressly designed to permit lenders to become acclimated with the redesigned URLA's features. The updated form will feature a redesigned format, new and updated fields, simplified instructions, and MISMO^® v3.4 Reference Model compatibility.

Fannie Mae and Freddie Mac also published the Uniform Loan Application Dataset (ULAD) Mapping Document. The Document provides a cross reference from every field on the revised URLA to the equivalent data point(s) in the Mortgage Industry Standards Maintenance Organization^® (MISMO^®) v3.4 Reference Model.

Fannie Mae and Freddie Mac have indicated that the update is the result of collaboration with stakeholders, including lenders, technology solution providers, mortgage insurers, trade associations, housing advocates, borrower groups, and other government agencies like the CFPB, VA, and FHA. This collaboration has led to coordination with the substantial changes in the implementing regulations of the Home Mortgage Disclosure Act (HMDA) that have been, and will be, implemented over the next few years. Specifically, the redesigned form and data sets are meant to assist with the HMDA amendments that become effective January 1, 2018. The expanded HMDA demographic data collection required by lenders was designed into the URLA's additional data fields. The update also eliminates data fields that are no longer needed.

In an announcement published by Fannie Mae and Freddie Mac simultaneously with the press release, the two GSEs outline the new documents being published, data mapping information, and the to-be-published dynamic URLA. 

The current version of the URLA was adopted as model application form under Regulation B, the implementing regulation for the Equal Credit Opportunity Act. The appropriate use of the URLA constitutes compliance with certain Regulation B information collection restrictions. Fannie Mae and Freddie Mac advise the CFPB is reviewing the revised URLA with regard to Regulation B, and that this review may result in additional revisions to the URLA.