FHFA Listens to Industry Concerns on URLA

American Bankers Association staff yesterday participated in a meeting with senior Federal Housing Finance Agency officials and other industry representatives on FHFA’s proposal to include a “language preference” question on the revised Uniform Residential Loan Application. FHFA is evaluating how to move forward and agency personnel said they expect to make a decision about whether or not to include the question on the URLA “very soon.”

Significantly, FHFA staff acknowledged that they are considering other alternatives, including a possible request for input to which interested parties could respond. While it is not yet certain that the language question will not be included in the revised URLA, as ABA and other trade groups have advocated, ABA regards the meeting as constructive. ABA will continue to follow this issue closely and provide updates as warranted. For more information, contact ABA’s Joe Pigg.