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Sun West's Implementation of
Redesigned Uniform Residential Loan Application (URLA)


(Applicable to all channels)



Dear Licensed Partner,

Fannie Mae and Freddie Mac have redesigned the Uniform Residential Loan Application (URLA). The mandate use period begins for all loan applications dated on or after March 01, 2021.

The redesigned URLA will:

  • Add more clarity so that borrowers can easily understand the loan application's content. A consumer-friendly application is a key to smooth loan processing.
  • Include separate forms titled 'Borrower Information' and 'Lender Loan Information' for both the borrower and the lender.
  • Include new and updated fields to reflect today's mortgage lending standards and remove obsolete fields.

Sun West's Implementation:

  • Sun West will require all the submission with an application date on or after March 01, 2021 to use the redesigned URLA on all of its loan programs.
  • For loan applications prior to March 01, 2021, Sun West will accept applications with the current 1003 versions. All applications with the new URLA must use the new version of DU (click here for the link for new DU interface)
  • The redesigned URLA consists of five parts. Below is the requirement of each part:




    Mandatory pages of
    new URLA

    Borrower Information page
    • Borrower's personal information, income, assets, declarations.
    • If any section is not applicable, borrower may mark "Does Not Apply"
    • New section on Military Service, i.e. whether the borrower is (or the deceased spouse was) in the US Armed Forces
    Lender Loan Information
    • Lender to complete the Property, Loan information, Title information and Cash Required from Borrower sections.

     

     

     

    Additional pages as per loan scenario

    Additional Borrower Information
    • This will be used if the loan has more than one borrower, including cases where there are two Borrowers with joint financial information; two Borrowers with separate financial information; and three or more borrowers.
    • The document is similar to Borrower Information page.
    • If there is more than one borrower: For information on Assets and Liabilities, Real Estate, Loan and Property Information, borrowers may use one URLA or report it on a separate URLA for each Borrower.
    Unmarried Borrower Addendum
    • To be used if the Borrower is unmarried and if this information is required by State laws.
    Continuation Sheet
    • Free form sheet for any additional information provided by either the borrower(s) or the lender that does not fit in existing sections of the Borrower Information, Additional Borrower Information and Lender Loan Information.
  • Sun West will continue to accept all loan submissions using FNMA 3.2 files.

If you have any questions, please contact your Client Relations Manager at (855) OK-SUNWEST or (855) 657-8693.

Sincerely,

Sun West Mortgage Company, Inc.

6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884



SW-1: Our No Overlays Program

This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.

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