What’s New about the NEW 1003? Are You Ready?
Happy New Year and welcome to the land of the new URLA.
The new URLA has been brewing for years. Are you ready to drink the new formula?
LOS systems are now giving loan originators the option to select the old or new 1003. If you haven’t tried it yet, the clock is ticking. Time to make yourself 100% comfortable with the new 2021 - 1003. Beginning 03/01/2021 the old 1003 goes away permanently and the new URLA is here to stay.
So why is this happening? The answer, UMDP.
Uniform Mortgage Data Program (UMDP) is an effort undertaken jointly by Fannie Mae and Freddie Mac at the direction of the Federal Housing Finance Agency to enhance mortgage data quality and standardization.
This new 1003 collects more data for the purposes of:
• Addressing changes in industry, GSE policy, and HMDA reporting requirements
• Including requested data collection from FHFA, HUD, FHA, VA and USDA-RD
The bottom line is you need to get comfortable and become competent with the new URLA NOW! Both Fannie and Freddie AUS software will be using the new data set and will not be able to process the old 1003 uploads based on the new restructured format.
To see the NEW 1003 and links to interactive forms for training and comparison to the old 1003, please visit:
Need help or have questions? At Innovative we are always ready to help. Call 727-372-8059.
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Are you a mortgage originator looking for more support and better compensation? Interview us today and see if Innovative Mortgage Services, Inc. is a good fit for you.
