Lenders have to transition to the new uniform workflow before 2020
Ellie Mae has announced that its Encompass digital lending platform will support the transition of lenders to Fannie Mae and Freddie Mac’s Uniform Residential Loan Application (URLA) and Uniform Loan Application Dataset (ULAD).
The company said that lenders could test and plan their shift to the GSE’s URLA and ULAD workflows through Encompass to “get a head start” on the transition before the mandatory implementation deadline in February 2020.
Fannie and Freddie are creating the organized application form, which aims to streamline the process of collecting information from borrowers, as well as underwriting and closing loans.
“Ellie Mae has been working closely with the GSEs to ensure that our Encompass digital lending platform provides the comprehensive support for our lenders and the ability to test well in advance of the mandatory use deadline,” Ellie Mae Chief Operating Officer Joe Tyrrell said. “While the change ahead is at a scale similar to TRID, it will ultimately offer a simplified and more intuitive application for borrowers, and that is certainly a step forward in powering the American dream of homeownership.”
Ellie Mae will conduct a series of URLA training roadshows, including additional resources to prepare clients. The firm will also offer a detailed URLA instructional guide so lenders can develop their own internal training program.
“It’s clear that Ellie Mae has a strong handle on the needs of their customers when it comes to the new URLA,” said Brandon Durham, production support manager at Homeowners Financial Group. “There are a lot of origination platforms out in the market, but we will continue to work with Ellie Mae because of their track record of consistently delivering support for these large-scale industry changes.”
