Fannie, Freddie Postpone Redesigned URLA Dates

Fannie Mae and Freddie Mac last week announced that the optional use period for the redesigned Uniform Residential Loan Application (URLA) will not begin July 1 as previously scheduled. The redesigned application includes the addition of a preferred language question.

The decision is directed by Federal Housing Finance Agency (FHFA), which released its annual Report to Congress this week.

The delay announcement indicates that "the effective date of the form will be revised and an updated version will be provided at a later date." The redesigned URLA had been set to go into effect in February 2020.

The FHFA plans to engage with stakeholders in the coming weeks "to finalize issuance of an updated URLA form, corresponding datasets and a new implementation timeline."