URLA - Will You Be Ready?

 The new Uniform Residential Loan Application (URLA) will bring with it's mandatory usage, new implementation           challenges.

• Lenders will need to:
  • Align and integrate LOS systems
  • Update policies and procedures
  • Train staff ... especially loan officers and underwriters
  • Understand investor expectations

 Are you ready?

Perhaps not .... the next question..... Have you prepared an implementation time frame? Your answer to these questions may be..."I have plenty of time, it's not mandatory for a year."  Don't get caught off guard! Lenders may start testing in July 2019 which will give you six months to understand the new requirements, train staff, work with your LOS's and yes, there'll be a busy selling season in the midst of it all. 

Loan origination systems such as Ellie Mae's Encompass have started offering a series of helpful webinars geared toward training and implementation. Even if Encompass isn't your current LOS, be prepared and work with your vendor.

Don't Get Caught Off Guard!