On November 13, 2024, Fannie Mae and Freddie Mac (collectively, the “GSEs”) published updated versions of the instructions for the Uniform Residential Loan Application (“URLA”) and the Supplemental Consumer Information Form (“SCIF”).
Updates to the URLA Instructions include:
Note added to Section 2b. Other Assets and Credits You Can Have: “Gifts are not entered in this section but in Section 4d.”
- Note added in Section 5: Declarations, 5a.A. About this Property and Your Money for this Loan: “This question is asking about ownership of a property other than the property you are purchasing or refinancing with this mortgage loan.”
- “VA” added as option for Full Documentation in Section L1. Property and Loan Information. Under Refinance Program, the instructions have been updated to “Full Documentation only for FHA, VA and USDA-RD loans.”
Updates to SCIF Instructions include:
- Language updated to clarify when to retain the SCIF(s) in the loan file and when to submit SCIF information to the GSEs’ automated underwriting systems (AUSs)
It should be noted that the updates only affect the instructions for the URLA and SCIF so no changes will be made to the content of the forms.
The GSEs have also published new and updated questions in the URLA/Uniform Loan Application Dataset/SCIF FAQs. For the URLA, a new question and answer addresses whether the loan originator’s signature is required. The GSEs do not require a loan originator signature in “Section 9: Loan Originator Information” of the URLA but advise that it may be required under state or federal law. Several new questions and answers were also added for SCIF requirements that cover when the form must be provided to borrowers, and what portions of the form must be completed.
