Preparing for the New Uniform Residential Loan Application
Starting January 1, lenders can accept the new Uniform Residential Loan Application (URLA) form, more commonly known as the 1003 or Form 65 (the mandatory date is March 1, 2021). The new form collects more information and eliminates some outdated information. The look and feel of it mirrors the LE / CD (loan estimate and closing disclosure forms) and the changes impact Veterans, self-employed borrowers, income, assets, REO and property sections, gifts and grants, and declarations. Will it streamline the process? Does it require borrowers to provide more information that can be used for anti-fraud efforts? Does it have some "revealing" questions? What's a "Registered Reciprocal Beneficiary Relationship"? Join us for an interactive walk through for answers to these questions and to discuss the new URLA as the industry prepares to roll out the form to lenders and borrowers. Scott Weghorst is President of Diehl Mortgage Training and Compliance, Past President of Greater Indianapolis Mortgage Bankers (2007-2009) and Indiana Mortgage Bankers Association (2010-2011). He has presented on a variety of mortgage industry topics to groups including mortgage bankers, real estate professionals, title professionals, and the Federal Reserve Bank of Chicago. In addition to industry experience in origination and mortgage operations management, Scott holds an MBA from the University of Notre Dame, CRMP Certified Residential Mortgage Planner from the Indiana Mortgage Bankers Association and earned the Certified Mortgage Banker (CMB) designation through the national Mortgage Bankers Association.