Today, Freddie Mac published a joint announcement with Fannie Mae to notify lenders that we will begin accepting the redesigned Uniform Residential Loan Application (URLA) (Freddie Mac Form 65) and MISMO v3.4 submissions to Loan Product Advisor® (LPASM) v5.0.06 specification on January 1, 2021.

This two-month open production period (OPP) runs through February 28, 2021 and follows the successful limited production period (LPP), which started August 1, 2020. During this time, early adopters have been submitting production loan files using the redesigned URLA and updated AUS files. The OPP is the final implementation phase leading up to the March 1, 2021, mandate and is the culmination of a multi-year collaborative effort among lenders, software partners, government agencies, mortgage insurance companies, document preparation companies and other industry stakeholders to improve and modernize the loan application and automated underwriting process.

Tasks You Should Be Wrapping Up Now

Clients should be nearing completion of the following tasks to transition into the OPP:

  • Download and familiarize yourself with the updated interactive URLA components available on our URLA web page.
  • Identify any data on the redesigned URLA that you do not currently collect and make a plan to start obtaining that data by January 1, 2021.
  • Review updated rendering design guidance with your document preparation provider or web-based development teams.
  • Review updated URLA instructions with office staff who regularly use the URLA to be sure they understand the intention of each form field.
  • Update any internal policies, processes, procedures and trainings as needed to support implementation.
  • Work closely with your software partners to plan testing and implementation of your updated loan origination system.
  • Determine the type and timeframe of testing needed with all of your industry partners. Inform them when you will be ready to produce and receive the new data interface files and the redesigned URLA.
  • Regularly check our URLA web page for any updates to FAQs and other resources.

We are committed to helping our clients and other industry stakeholders understand and adopt the redesigned URLA and LPA v5.0.06. We will continue to work closely with you and software partners to assist throughout the implementation process.

Additional Information

Clients are encouraged to contact their Freddie Mac representative or email [email protected].