The redesigned URLA (Freddie Mac Form 65 / Fannie Mae Form 1003) becomes optional for new applications beginning July 1, 2019; however, it is not required for use until February 1, 2020. The redesigned form is accompanied by a corresponding dataset known as the Uniform Loan Application Dataset (ULAD). Each form field in the redesigned form has been mapped to the Mortgage Industry Standards Maintenance Organization® (MISMO®) Version 3.4 Reference Model.
Both Fannie Mae and Freddie Mac (the GSE’s) have defined an “Optional Use Period” for the redesigned form’s corresponding automated underwriting system (AUS) datasets based on MISMO v3.4. The “Optional Use Period” begins on July 1, 2019 and ends on January 31, 2020 for new applications. Beginning on February 1, 2020, only datasets based on the MISMO v3.4 Reference Model may be submitted for new applications.
USDA’s Guaranteed Underwriting System (GUS) will not be included in the “Optional Use Period” as defined by the GSE’s. GUS will only accept the 1003 v3.2 flat file or MISMO v2.3.1 file formats until February 1, 2020. It is anticipated that GUS will be ready to accept the MISMO v3.4 dataset beginning on February 1, 2020 and no longer allow use of the 1003 v3.2 flat file and MISMO v2.3.1 AUS datasets for all applications.
It is acceptable for lenders to use the redesigned Form 1003 beginning on July 1, 2019 even though the dataset submitted to GUS will not correspond with new form fields. In this instance, lenders may upload the redesigned Form 1003 document into GUS, if required, or retain a copy in their permanent casefile.
USDA is currently working on a new AUS specification for GUS that will include applicable new URLA data fields based on the ULAD and MISMO v3.4. Additional information will be coming in the near future pertaining to the publication of this specification.
If you have specific URLA questions please visit Fannie Mae’s website at https://www.fanniemae.com/singlefamily/uniform-residential-loan-application or Freddie Mac’s website at http://www.freddiemac.com/singlefamily/sell/ulad.html for additional information.
Thank you for your support of the Single Family Housing Guaranteed Loan Program.
Questions regarding this notice may be directed by calling (202) 720-1452.