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Statement

Statement of FHFA Director Melvin L. Watt on Redesigned, More Consumer-Friendly Uniform Residential Loan Application Form

FOR IMMEDIATE RELEASE
8/23/2016

"The publication today of the redesigned Uniform Residential Loan Application represents a significant step in a multi-year effort to update, standardize and enhance the quality of loan information for underwriting single-family mortgages.  Fannie Mae and Freddie Mac have been working in collaboration with lenders, trade groups, mortgage insurers, housing and consumer advocates, technology solution providers, and other federal agencies to ensure that the revised loan application is easier to read, technology enabled and more consumer-friendly.  Fannie Mae and Freddie Mac have also conducted extensive usability testing with borrowers and lenders across the country to ensure that the redesigned form achieves these objectives.

"Although final implementation of the new loan application is still more than a year away, and the application must still undergo "safe-harbor" review by the Consumer Financial Protection Bureau, we anticipate that publication of the redesigned form now will give the industry ample time to analyze and prepare for its use in 2018.  It also fulfills a scorecard item for Fannie Mae and Freddie Mac, and FHFA will continue to work with the two Enterprises and other stakeholders as this project moves forward."

Fannie Mae news release

Freddie Mac news release

Attachments:

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The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 11 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.8 trillion in funding for the U.S. mortgage markets and financial institutions. Additional information is available at www.FHFA.gov, on Twitter @FHFA, YouTube and LinkedIn.
Contacts:

Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032
Consumers: Consumer Communications or (202) 649-3811

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