![]() Be sure you are updating your documentation and processes to fit with the changes and, as mentioned before, test your specific workflow through those systems. These services should be certified with the GSEs if running an automated underwriting system (AUS). If you use third party vendors for you LOS, doc prep, or borrower portal, it is important that you do your due diligence and ensure they are also ready. You know your workflow best, so now is the time to compare the old with the new and make sure you are ready to make a smooth transition. Note where any changes or potential hang-ups may be. One way to get started is by taking a test loan through the new application from start to finish. It is likely that your LOS provider has resources available, too. They can help lenders prepare and get started. Resources are available on the websites of both Fannie Mae and Freddie Mac. Getting started can be intimidating, but there are resources available to help. Many lenders are already using the new URLA, so it is crucial that those not yet using it do not fall behind the curve. Paulett: The new URLA will be required beginning March 1, so there are a lot of things lenders should be doing to get ready right now. Q: What is unique about URLA and how should lenders prepare? With the right resources at your disposal, getting started is easy – and getting started early can be a competitive advantage that puts you ahead of the curve. Rather than viewing these changes as a challenge, they should be seen as an opportunity to improve and optimize. It is hard to know where or how to start.
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