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Homebuying, Selling & Relocating
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New Mortgage Application Coming Soon
Changes in the mortgage industry and regulatory environment led Fannie Mae and Freddie Mac to reassess the information obtained at the time of a loan application. Which meant taking a hard look at the format, layout and questions asked on a loan application/1003. Through this analysis the new
Universal Residential Loan Application (URLA) was created.
After 20 years, the mortgage industry is going thru another key milestone. The form is being changed for
The Borrower, to make the customer experience
Easier to complete
Easier to review
Easier to apply
The Lender, to streamline the process by providing
More relevant data
More flexible data
More reliable collection o data
Premia Relocation Mortgage is already preparing systems and training for the new 1003.
- Nov 10, 2020
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