Completing the URLA

One of the key steps for a complete mortgage file involves the proper completion of the Uniform Residential Loan Application (URLA). This document is used for purchases and refinances and must be filled in correctly and completely to identify the terms of the loan, the borrower details, credit information, and funds to close. This course will emphasize the proper rules for its completion, the fields where compliance guidelines fit in, and the ways to communicate the requirements effectively to a customer to ensure fairness and accuracy.


The course covers the following objectives:

 - Know how to complete the borrower information and subject property details of the URLA
 - Learn the terms of a residential mortgage loan
 - Complete the assets and liabilities information section of the form
 - Understand the Details of Transaction section
 - Know the rules for the correct completion of the Government Monitoring section of the URLA
 - Identify the information that is required from the borrower at the time of application
 - Describe the federal disclosures required to be given to a borrower during the loan process and their respective timing requirements


The course covers the following topics:

 - The details for the Joint Credit Acknowledgement
 - Properly completing the property details and purpose of the loan
 - Where to specify refinance information
 - How to specify if the subject property is a primary residence, second home, or investment property
 - Definitions for construction or permanent financing
 - Know what a loan originator should ask and what not to ask for being married, unmarried, or separated
 - When to mark a borrower as self-employed
 - Details for correctly filling in the employment and income sections
 - Basic rules for assets and liabilities
 - How the Details of Transaction works to determine cash to or from the borrower at closing
 - The methods for completing the Government Monitoring section



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