The Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to make specific modifications to the Uniform Residential Loan Application (URLA) aka Form 1003 to make the form more consumer-friendly, to include new and updated fields, and to remove obsolete fields.
Homebridge is providing Brokers with a timeline for the transition from the current URLA, supported by 3.2 files, to the new URLA, which will be supported by 3.4 files.
The use of the new URLA will be determined by the cut-off dates for loan registration and the initial AUS submission date (as applicable) identified below; it is not dictated by loan application date
P.A.T.H. Loan Registration and Initial AUS Submission Date on or before April 15, 2021: 3.2 File Transactions
- ALL transactions (AUS and non-AUS) using a 3.2 file must be registered in P.A.T.H. by close of business April 15, 2021
- Additionally, AUS transactions using a 3.2 file will require the following:
- The initial AUS submission must occur on or before April 15th
- If the initial AUS submission was not completed on or before April 15th AND the file was registered with a 3.2 file, Brokers will be given the following two options in P.A.T.H. when attempting to complete the initial AUS submission:
Option 1: Proceed with a 3.4 file, or
Option 2: Cancel the transaction
- Brokers choosing to proceed with a 3.4 file, P.A.T.H. will require the Broker to re-validate specific information pertaining to income, assets, and declarations. Brokers are not required to upload a 3.4 file
- Transactions converted to a 3.4 file will be processed using the new version of the URLA
P.A.T.H. Loan Registration on and after April 16, 2021
- ALL transactions (AUS and non-AUS) registered in P.A.T.H. on or after April 16, 2021 will require a 3.4 file.
NOTE: P.A.T.H. will no longer support loan registrations with a 3.2 file on or after April 16th
New Option Available in P.A.T.H. Beginning March 1, 2021
While P.A.T.H. will continue to accept 3.2 files as detailed above, P.A.T.H. will provide Brokers the option to submit 3.4 files (3.4 not required until April 16th). When a loan is registered prior to April 16th with a 3.4 file the transaction will be processed using the new URLA
Summary of Important Dates
- ALL 3.2 Transactions:
- Brokers must register all 3.2 transactions in P.A.T.H. on or before April 15, 2021
- AUS 3.2 Transactions ONLY:
- Brokers must register loans in P.A.T.H. on or before April 15, 2021, AND
- The initial AUS submission must occur on or before April 15, 2021
NOTE: If the initial AUS submission does not occur on or before April 15th, the loan must be converted to a 3.4 file and the transaction will be processed using the new URLA
- 4 Transactions
- All transactions registered by Brokers on or after April 16, 2021 will require a 3.4 file and the use of the new URLA
- Brokers may select the option to register a loan in P.A.T.H. using a 3.4 file beginning March 1, 2021. If the transaction is registered using a 3.4 file the transaction will be processed using the new URLA
Reminder: A 3.4 file is not required until April 16th
Important Reminder
If you have any questions, please contact your Account Executive
