CFPB approves revised Uniform Residential Loan Application
AML AND COMPLIANCE NEWS |
On Nov. 24, 2017, the Consumer Financial Protection Bureau (Bureau) approved the final redesigned Uniform Residential Loan Application (URLA), confirming that the revised form is in compliance with the Equal Credit Opportunity Act. The Bureau previously issued an official approval notice in September 2016, after it reviewed additions to the form that requested protected applicant-characteristic information regarding disaggregated categories of ethnicity and race. The final revised application included the addition of a question asking borrowers to specify their language preference. Lenders may begin using the new form in July 2019, and it will be mandatory for loans eligible for purchase by Fannie Mae and Freddie Mac beginning in February 2020. A lender’s use of the form without any modification would act in compliance with sections 1002.5(b) through (d) of Regulation B.