Uniform Residential Loan Application Report
The Uniform Residential Loan Application (URLA) is a standardized form used by mortgage lenders to collect information from borrowers applying for residential mortgage loans. Developed by Fannie Mae and Freddie Mac, the URLA streamlines the loan application process and provides lenders with essential information to evaluate borrowers’ creditworthiness and eligibility for mortgage financing.
The URLA collects detailed information about the borrower’s personal and financial circumstances, as well as details about the property being financed. The form typically includes the following sections:
1. Borrower Information: This section collects basic information about the borrower(s), including name, address, contact information, Social Security number, date of birth, and marital status.
2. Employment and Income: Borrowers are required to provide details about their employment history, income sources, and earnings. This includes information about current and previous employers, job titles, employment status (e.g., full-time, part-time), income amounts, and other sources of income such as bonuses, commissions, or rental income.
3. Assets and Liabilities: Borrowers must disclose their assets and liabilities, including bank account balances, investment accounts, real estate owned, retirement accounts, outstanding debts, and other financial obligations. This information helps lenders assess the borrower’s financial stability and ability to repay the loan.
4. Credit History: Borrowers are asked to provide information about their credit history, including details about any existing loans, credit cards, or other lines of credit, as well as information about bankruptcies, foreclosures, or other adverse credit events.
5. Property Information:** Borrowers provide details about the property being financed, including its address, type of property (e.g.,
single-family home,
condominium), estimated value, purchase price, and intended use (e.g., primary residence, investment property).
6. Loan Details: Borrowers specify the type of
mortgage loan they are applying for, including the loan amount, interest rate, loan term, and desired loan program (e.g., fixed-rate mortgage,
adjustable-rate mortgage).
The URLA provides lenders with standardized, comprehensive information about borrowers and their financial circumstances, helping to streamline the loan underwriting process and ensure compliance with regulatory requirements. By collecting consistent and accurate data from borrowers, the URLA facilitates informed lending decisions and promotes transparency and fairness in the mortgage lending process.
