Fannie Mae and Freddie Mac today announced a redesigned Uniform Residential Loan Application, the standardized form used by borrowers to apply for a mortgage loan.
In addition to the new Uniform Residential Loan Application, there is also a separate form called the Lender Loan Information form.
The industry’s response to the new forms is varied. While some are very excited about the new changes, others expressed only concern.
The new flow will make the form easier to understand for consumers and a quicker process for lenders, said Frank Fuentes, New American Funding vice president of multicultural community lending, who was part of a focus group who gave feedback on the new changes for the Hispanic version of the new form.
Fuentes said he didn’t foresee any major setbacks to lenders adopting the new form, and that it is a step in the right direction.