Randy....we buy standardized applications from a vendor (the URLA in current use). I guess we might have to develop our own, but with all the other things i have to do, i was hoping not to have to.

Take the Demo form from FNMA's website and add it to your current RE application form. Mark out the old GMI [now or by] apps taken 1-1-18 and rock on! It's still going to be 'smaller' than the new form, since the new form is like an entire application per person

This was in an update I received from Freddie Mac this morning.

URLA Implementation Updates
During the past several months, Freddie Mac and Fannie Mae (the GSEs) gathered industry feedback on the implementation timeline for the redesigned URLA and the automated underwriting system specifications. During this time, the Demographic Information Addendum was also updated.
Freddie Mac will publish an updated version of the redesigned URLA, the Loan Product Advisor specification and supporting documents by the end of 2017. Customers may begin using the redesigned URLA starting July 1, 2019.

Full release:

https://www.fanniemae.com/content/news/urla-announcement-september-2017.pdf

Thanks Randy.

So for the next 21 months we're using the current version of the URLA with the new Demographic Information Addendum. Man, this business just gets to be more fun all the time.

Is everyone just marking out the old GMI and using the demographic info form -- or is there a "better" way?

My LOS has a URLA with the new GMI that we will be printing off and using. I prefer that to marking out, cutting off, whiting out old GMI sections.

raitchjay, is using that 1003 kosher? Is it the old form with just the addendum attached? Encompass is printing the old 1003 with a big red X through Section X and adding the Addendum. I thought that's how all the LOS systems were doing it.

I just have to ask, and if I'm missing a bigger picture, please just say so.

Doesn't this, in the FR, verify we are good to go on the new one?

DATES: This official approval is issued November 20, 2017.

Bureau staff has determined that the final redesigned URLA is in
compliance with Sec. 1002.5(b) through (d).\3\ A creditor's use of the
final redesigned URLA without any modification that would violate Sec.
1002.5(b) through (d) would act in compliance with Sec. 1002.5(b)
through (d). Bureau staff has also determined that because the
substance and form of section 7 of the final redesigned URLA is
substantially similar to the form the Bureau provides as a model form
in Regulation C, the final redesigned URLA may be used in complying
with Sec. 1002.13.\4\ A creditor's
use of the final redesigned URLA is not required under Regulation B.

Assuming this is the application form you use...as it says, it's not required [for those in-house lenders anyway]

I don't know why it wouldn't be kosher.......it's got the GMI addendum correct, and the rest of the URLA looks like it currently looks......

I shouldn't really say "addendum"...it's just got the new GMI "section" correct, in place of the old GMI section.

After reading Joker's post, i should add the caveat as always: we are a portfolio lender and don't sell on the secondary market.

The new URLA has been approved by CFPB and can be used any time. It has not yet been given final approval by Fannie Mae and Freddie Mac, so any loans that may potentially be sold on the secondary market may have issues if using the new URLA. For loans that could potentially be sold on the secondary market, use of the old URLA with the GMI section marked out and the DI Addendum added is the preferred method until Fannie and Freddie approve the new URLA (which doesn't sound like will happen yet for a while - I think it has to do with MISMO standards and such). At least that's how I understand it.

Yes, the URLA from our LOS that i'm speaking of is the old URLA with the new GMI section. Unless i'm missing something, it's exactly what we need.

Our LOS will print a 'current' URLA with the new GMI.
We have elected, however, to use the 'standard' loan application from our LOS and the new GMI prints on the last page (it is an option in our setup).
Our lenders like the shorter application form better, as do I, and since we don't sell our loans, we aren't required to use the URLA. We probably wont use the 10 page URLA when it is finally published either because...PAPERWORK. Ugh.

Are you on LaserPro Banker K? The URLA i'm referring to is the current 4 page model with next year's GMI section...not the 10 page model.

Yes sir that is what we are on as well. I'm not naming names, but some people don't do as well filling out the longer application so it's just easier for us to use the shorter version. I personally like it better than the URLA/1003 as well!

Same here....so you will also be using what LP has labelled "Fannie Mae 1003--URLA--Extended Govt. Monitoring"?

We have more than one option, too. But we prefer the 'old' 1003 over the other app we have so we use it most of the time. We can select the 'old' GMI/RegB piece OR the new Demog addendum.

So Joker, you will or will not use the basic URLA that we are all currently used to with the new GMI fields on it? Or will you use the basic URLA with the old GMI fields on it, black those out, and attach an addendum with the new GMI fields? The 2nd option i have listed seems clunky and unnecessary to me, but i'm trying to figure out if i'm missing something.

Every chance we can, we will use the nowadays 1003. I feel like if they ever do away with it and change to the new one, the option for the other variation we have will still be available to us though.

Which demo/GMI fields are presented will likely depend on whether it's HMDA reportable, or not HMDA reportable but falls under Reg B.

I'm not sure I'm following you though. It seems like the basic URLA with the new fields would be cleaner than option 2. Why would you need that since you have Option 1 available?

I agree it's cleaner than option 2......i don't want to use option 2 at all. It just sounds like some people are advocating for blacking out GMI fields and handing out addendums, and i'm not following why.

I think it's an investor thing. You and Joker and I don't have to worry about that.

Ok......good to know. Heading back to happy HMDA land now......wherever that is.