Version 2.00 is scheduled to be released between 2:00am EST and 5:00am EST on February 20th, 2021.
TABLE OF CONTENTS
- Loan File Versions 2009 vs 2021
- Changes to the Loan File UI
- Printing the New 1003
- LPA is Now Available
The v2.00 release is going to be a big one! We will be rolling out our changes for the new ULRA, and there will be some significant difference with the loan file user interface.
Fannie Mae and Freddie Mac (the GSEs) have been working on redesigning the Uniform Residential Loan Application (URLA) form - commonly known as the 1003. The purpose of the GSEs' redesign is essentially to "modernize" the experience and information that borrowers would fill out.
The main purpose of this article is to highlight what will be changing in ARIVE.Next as a result of the URLA redesign.
Loan File Versions 2009 vs 2021
When to Migrate
To difference between the old and new URLA versions, we have introduced the concept of loan versions in the system. Specifically, you may either have a file in the 2009 version or the 2021 version, where 2021 represents the redesigned URLA.
Upon release of the URLA 2021 changes, all existing files will automatically be defaulted to the 2009 version. You will have the ability to migrate the to the 2021. To deter whether you need or should migrate your file, consider the following:
- Have you registered the file with a lender?
- Yes > You do not need to migrate | No > You should migrate the file
- Do you need to run AUS (LPA or DU) or send the file to a different lender?
- Yes > You should migrate the file | No > You do not need to migrate
These are essentially the only considerations you need to make, as any new loans created on or after the mandatory is specifically with respect to the lender, as they are the ones potentially selling the loans to the GSEs.
How to Migrate
For each 2009 version loan, file there will be an option called "Switch to URLA 2021" which is located in the action button (three dots) dropdown in the top-right of the file UI.
This option will migrate those files to the new 2021.
Creating New Loan Files
There will be an interim period where support for creating 2009 version files will be available when necessary. When creating a new loan file, you will notice a toggle for switching between the 2009 and 2021 versions. By default 2021 will be selected, but you will have the option to select 2009 should you need it.
This will likely be necessary if you plan to register a loan file with a lender who does not yet support the new 2021 URLA form, but this is fairly unlikely.
Changes to the Loan File UI
Left Navigation Menu
The left navigation menu is now different with the 2021 URLA version. Previously the entire 1003 data was available on a single page, and now it has been broken down into three separate sections:
- Loan & Property: Info on the Subject Property and the Mortgage Loan
- Borrower Info: Borrower personal info, Demographics, and Declarations
- Financial Info: Borrower Assets, Income, Liabilities, and REOs
Loan Section UI Changes
We have revamped the overall feel and experience for the new 2021 loan version. In summary, users now work on the three main sections listed above and save their changes there. We have reduced the usage of the "flyout" menus - that is, you no longer need to click "Edit" to change Loan Information.
Loan & Property
The Loan & Property section of the loan file is where you find all things related to the loan product and subject property. Here is where you will be able to do some of the following:
- Print the 1003 Form
- Set the loan purpose
- Enter the property information
- Enter the loan amount
- Enter the housing expense
The Borrower Info section of the loan file is where you will find all information directly relating to the borrower. Here is where you will be able to do some of the following:
- Manage the borrowers on the file: add, remove, and swap around borrowers
- Order a credit report for you borrowers
- Enter borrower personal information
- Enter borrower current and previous address information
- Enter borrower declarations
- Enter borrower demographics
The Financial Info section of the loan file is where you will find all information about the borrowers' finances which are to be evaluated for the loan. Here is where you will be able to do some of the following:
- Order a credit report for your borrowers
- Enter borrower current and previous income
- Enter borrower assets
- Enter borrower liabilities and expenses
- Enter borrower REOs
Summary Info on the Header
We have added more summary information about the loan file available on the header of the page. Users will be able to gain insights at a glance around:
- Loan Status
- LTV Breakdown
- Loan FICO
- Interest Rate
- Funds to Close
- Important Dates
Printing the New 1003
For files in the new 2021 version, you may now print out the new 1003 in a similar way as in the old 2009 version. You may either:
- Click the "Print 1003" button on the Loan & Property page, or
- Navigate to the Documents page and Click on the "Generate Form" button
LPA 5.x is Now Available
We have added the LPA integration to round out our AUS support. The big roadblock for us supporting LPA was the transition to the new URLA. Now that the new URLA is here, we were finally able to connect to LPA.
To set up and run LPA, you will need to acquire and enter their system-to-system credentials. This will include:
- TPO Number
- Sys-to-sys Username
- Sys-to-sys Password (Authentication Password)
You or your company admin should have received a series of emails when initially setting up your LPA account which contain this information. Use the below password. When you put in password ARIVE will connect to LPA to test if it is valid
To signup for an LPA, please go to: http://www.freddiemac.com/singlefamily/crownpeak/S2Ssignup.html
The location of the LPA credentials will be in the same location as the DO and Credit Vendor credentials. Specifically:
- Click on your user avatar in the top-right
- Click on "User Settings" in the menu
- Click on "Credentials" in the left navigation bar
- Click on the "AUS - LPA" tab
Running LPA on a Loan File
Again similar to running DO, you will now find an option for LPA on the Run AUS page on the loan file. On the page there will be two new tabs available:
- AUS History: a log of all AUS runs on the file
- Freddie Mac - LPA: the view for specifically running LPA and entering the associated data
Important Note on Running LPA
Please be aware that running LPA will ONLY be available for the new 2021 versioned file. Running LPA will not be available for 2009 versions.
This is due to the difference data structures that LPA supports. Since the new data structure is only available with the 2021, there is a restriction.