Fannie Mae and Freddie Mac Extend URLA Implementation Date Due to COVID-19

Richard Andreano Jr.
Ballard Spahr LLP
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As expected by the mortgage industry, due to COVID-19, Fannie Mae and Freddie Mac have extended the mandatory implementation date for the redesigned Uniform Residential Loan Application (URLA) and the updated automated underwriting system (AUS) data specifications from November 1, 2020 to March 1, 2021.

Fannie Mae and Freddie Mac also extended the date when limited production using the new URLA will be allowed from June 1, 2020 to August 1, 2020. The limited production period will serve as a “test and learn” period for certain lenders. The date when all lenders will be allowed to use the new URLA is extended from September 1, 2020 to January 1, 2021.

The retirement date for the current version of the URLA is extended from November 1, 2021 to March 1, 2022.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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