The proposed shift will replace the Title I-specific forms with the industry-standard URLA, simplifying the loan application process by aligning with broader industry standards.
This draft policy aims to enable lenders to utilize existing origination systems, eliminating the need for multiple software licenses and improving overall accessibility for Title I loans.
HUD's proposal encourages greater lender participation by addressing barriers in the origination of Title I Loans, which were highlighted in 2022 feedback from industry stakeholders.
The shift towards using the Uniform Residential Loan Application is expected to reduce financial burdens on lenders and streamline the borrowing process for consumers.
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