See this page on Freddie Mac's site. http://www.freddiemac.com/singlefamily/sell/ulad.html

You can't use their new URLA until July 2019.

I guess I'm lost. What other 1003 form that doesn't have the old/current Demographic Information box on it are you talking about? Can you post a link?
This says
I don't see any other choices. Am I missing something?

That is if you are required to use the 1003. If you are selling into the secondary market, then you would follow the instructions provided by such as Fannie Mae:

How do I support the new HMDA Regulation on January 1, 2018 for collecting the demographic information? UPDATED

In support of the new HMDA regulation, lenders have the option to use the Demographic Information Addendum with the current URLA dated 7/05 (revised 6/09) as a replacement for the existing Section X, Information for Government Monitoring Purposes. If the Demographic Information Addendum is used with the current URLA, Section X may be left blank, crossed or grayed out or otherwise deleted.

However, if you are doing nothing but portfolio loans that you do not intend to sell, you can use any application you want to, whether that is a home grown application form with the new demographic information included, the old 1003 with the addendum or even the new 1003 if you wish.

Personally, if I was doing nothing but portfolio loans, I would not transition to the new 1003 and use an internally developed hybrid that only asks for the specific information that I thought was important and include the new demographic information.

@ RaitchJay:

We are using the basic app from LaserPro called "Consumer Loan Application (Origination Version) - Extended Gov't Monitoring".
(This is the one you can pick from in File > Print > Blank Application Forms).

This is just our preference.

Gotcha Banker K.

I am so confused with this.

Can use the redesigned 1003 starting 1/1/2018? We would like to since it will have the updated Demographic information.

From this bulletin: Lenders may begin using the redesigned URLA in July 2019, but use of the redesigned form will not be mandatory for Enterprise loans until February 2020.

So no, you cannot start using the updated 1003 now.
Use the current 1003 with the Demographic Information Addendum.

I cannot go back to edit my post so let me just add, I'm a secondary market person.
As Randy stated above, if you're talking portfolio lending, you can use any application form you like.

We began use of the demographic information addendum on 11/1/17 and we sell all loans into the secondary market. We have had no push back on loans purchased using the new addendum.

A non-HMDA bank will also need to use the old URLA + new addendum if they are selling to secondary market, yes?

Yes

My Software Company just released a "Demographic Information Addendum" to the 1003 that they say is required in 01/2018.

I've heard we don't need to use the new 1003 on 01/2018 but do I need to use the "Addendum". What if I'm not a HMDA reporting bank....do I still need to use it?

Even if you're not subject to HMDA, you CAN use the Demo Info addendum. Reg B allows for it. You don't have to. If you're selling to an investor, they will need it, however.

Hi guys,

Bringing this one back as I have a question regarding the URLA redesign.

So if you do not sell to the GSE's and instead service in-house, then the new form is not required to be used, correct? This is what I reading above. However, I am not sure if any of this has changed since the creation of this thread. For example, isn't there a new requirement under Reg B to capture the language preference of the applicant? So if no to the new URLA, wouldn't we want to at least capture the language preference of applicant for Reg B compliance?

Thank you!

Not required - correct.

I'm not aware of a Reg B requirement for language preference. I don't believe there have been any revisions to B other than allowing for aligning with C on expanded demographics.

Thank you!

I just re-read the CFPB bulletin regarding the preferred language question, and the CFPB basically said that this would not be a violation of Reg B. Whew.

https://www.consumerfinance.gov/about-us...an-application/

Thanks!

I know this is an old post but I have a question about GSE's. We sell to MPF via Federal Home Loan Bank of Topeka. We do not sell to Fannie or Freddie at all. Are we required to use the new revised URLA this summer? I assume the answer will also apply to the new ULDD requirements for submission.

Your help is greatly appreciated!!

Update: I found the answer to my question. Yes, MPF is adopting the new requirements.

Thanks anyway!

I wasn't sure where to post this as it's intertwined with a few areas so my apologies in advance. The redesigned URLA, the Loan Originator ID has NMLSR and not NMLS. Do we need to update business cards, letters etc to add the 'R'? Currently, the LE and CD do not contain the 'R'. Any thoughts or link(s) to references is much appreciated!

Are they not the same thing?

yes they are. My question is do we need to include the R on the other documents that currently reflect 'NMLS'?

Because the 1003 chooses to use NMLSR?