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#2155213 - 11/29/17 02:45 AM
Re: New 1003 effective date
RVFlyboy
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Diamond Poster
Joined: Nov 2004
Posts: 2,310
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See this page on Freddie Mac's site. http://www.freddiemac.com/singlefamily/sell/ulad.htmlYou can't use their new URLA until July 2019.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.
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#2155214 - 11/29/17 02:58 AM
Re: New 1003 effective date
Reads Regs
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10K Club
Joined: Jul 2003
Posts: 17,410
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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 If the Demographic Information Addendum is used with the current URLA, Section X may be left blank, crossed or grayed out or otherwise deleted. I don't see any other choices. Am I missing something?
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#2155216 - 11/29/17 11:42 AM
Re: New 1003 effective date
Truffle Royale
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10K Club
Joined: Jul 2001
Posts: 84,333
Galveston, TX
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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.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2155273 - 11/29/17 04:16 PM
Re: New 1003 effective date
Truffle Royale
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Gold Star
Joined: Jan 2010
Posts: 293
Oklahoma
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@ 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.
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Compliance - A Painful Addiction
All comments are mine & should not be taken as legal advice.
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#2155284 - 11/29/17 04:34 PM
Re: New 1003 effective date
Truffle Royale
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Power Poster
Joined: Oct 2009
Posts: 9,232
OK
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Gotcha Banker K.
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#2156179 - 12/06/17 02:51 PM
Re: New 1003 effective date
Truffle Royale
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Member
Joined: Jan 2012
Posts: 70
New York
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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.
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#2156183 - 12/06/17 03:00 PM
Re: New 1003 effective date
Aruba123
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10K Club
Joined: Jul 2003
Posts: 17,410
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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.
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#2156567 - 12/08/17 02:24 PM
Re: New 1003 effective date
Truffle Royale
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Member
Joined: Aug 2015
Posts: 86
NYC
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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.
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#2157203 - 12/13/17 10:27 PM
Re: New 1003 effective date
Truffle Royale
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100 Club
Joined: Oct 2013
Posts: 225
Midwest
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A non-HMDA bank will also need to use the old URLA + new addendum if they are selling to secondary market, yes?
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#2157618 - 12/18/17 10:00 PM
Re: New 1003 effective date
Truffle Royale
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Junior Member
Joined: Jan 2010
Posts: 34
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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?
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#2204176 - 01/28/19 08:09 PM
Re: New 1003 effective date
Truffle Royale
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Member
Joined: Sep 2017
Posts: 58
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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!
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#2204196 - 01/28/19 09:20 PM
Re: New 1003 effective date
Truffle Royale
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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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.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2213649 - 05/15/19 03:02 PM
Re: New 1003 effective date
rlcarey
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New Poster
Joined: Nov 2014
Posts: 19
Topeka, KS
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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!!
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#2213658 - 05/15/19 04:05 PM
Re: New 1003 effective date
Julie Price
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New Poster
Joined: Nov 2014
Posts: 19
Topeka, KS
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Update: I found the answer to my question. Yes, MPF is adopting the new requirements.
Thanks anyway!
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#2214506 - 05/29/19 03:13 PM
Re: New 1003 effective date
Truffle Royale
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10K Club
Joined: Jul 2001
Posts: 84,333
Galveston, TX
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Are they not the same thing?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2214528 - 05/29/19 06:01 PM
Re: New 1003 effective date
Truffle Royale
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10K Club
Joined: Jul 2001
Posts: 84,333
Galveston, TX
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Because the 1003 chooses to use NMLSR?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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