LPA Enhancements and March 1 URLA Mandate Have Arrived

You asked us for Loan Product Advisor® (LPASM) enhancements you needed most to help increase your efficiency and to give you and your borrowers more solutions. And we delivered. Here’s just a few enhancements we’ve made:

  • New LPA asset and income modeler (AIM) indicators.
  • Revamped and more compact LPA Feedback Certificate with improved navigation.
  • Better feedback messages that provide clarity for unique loan scenarios.
  • Efficiencies with our Affordable Seconds product that removes the need for a workaround.
  • New LPA batch capability.
  • Redesigned Uniform Residential Loan Application (URLA) with updated or new sections and fields.

The industry has worked together for a long time to prepare for the March 1, 2021 URLA mandate. We hope you’ve benefited from all the resources and training opportunities developed to find out what’s new, how it works and have established the processes required for your organization to begin successfully accepting the redesigned URLA.

For the latest URLA information, read our February 16 announcement and keep checking our URLA/ULAD web page for updates.

If you still have questions, please do not hesitate to contact your Freddie Mac representative or the Customer Support Contact Center (800-FREDDIE). You don’t have to do this alone. We’re here to help.

For your convenience, check out the various LPA-related resources on the right rail. We offer several live webinar opportunities – including tutorials that you can take at your own pace. Always available. Always free.

March 2 LPA Feedback Message Updates

LPA feedback messages have been improved to help you make quicker decisions, underwrite more loans and gain a competitive edge. A few include:

  • Effective March 6, 2021, AIM message changes that provide clearer and more actionable messaging that specifies the name of the third-party service provider.
  • Effective April 25, 2021, pension income language aligning to Freddie Mac Single-Family Seller/Servicer Guide (Guide) language for consistency.  
  • Effective April 26, 2021, new message to prevent submission of Home Possible® mortgages as Home Possible Advantage® as announced in Guide Bulletin 2020-43.
  • Effective May 3, 2021, updated language to reflect Internal Revenue Service (IRS) Form 4506-T changes as announced in Guide Bulletin 2021-4.

Click here to review the complete list of the latest LPA message updates along with important effective dates.