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New 1003/URLA Update

Dear <<First Name>>

The new 1003/URLA does NOT function as a data collection tool. As we discussed (with great derision) when the first revision posted, we recommend limiting use of the redesigned URLA to signature collection and data validation only.

Instead, use a pre-application kit, such as the 3-15 Pre-Application Kit to initiate document and information collection and prepare your customers for a smoother process. Further, this also reduces the chance of inadvertently collecting enough information to trigger a Loan Estimate when still in prospect mode.

Key Takeaway: Just because you collect the 6+ items, doesn’t mean you have to send the URLA.

Read the article here

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