Continuing our series of commonly asked questions at closing, we asked Houston-based Attorney Nick Stevens for his insight on this question:
Nick, when is the deadline for lenders to switch to the new interactive URLA Form 1003?
Fannie Mae and Freddie Mac announced the redesigned uniform residential loan application (URLA Form 1003) in August of 2016. Since that time, the agencies have delayed implementation several times. Finally, the 1003 is ready for use. Starting January 1, 2021 all lenders may begin to submit the redesigned loan application; however, on March 1, 2021 all lenders are required to submit using the redesigned 1003 from this point onward.
Check back tomorrow for our follow-up question: What about loan applications that are received prior to March 1, 2021, but with loans still in the pipeline?