URLA stands for Uniform Residential Loan Application and is the application that is used when a person is applying for a federal loan. After 20 years, it is finally getting a facelift, and mandatory adoption is March 1, 2021.
How Does It Affect You as An Encompass User?
You are likely in the final stages of URLA training and rollout. The technical aspects of making changes in the URLA format are not the issue regarding the new URLA changes. The potential issues from the changes fall into two areas:
- Unexpected interactions with your LOS: Business rules that are not adapted for URLA changes may not function as expected, this may cause further problems in that you may not receive a warnings or notifications concerning these issues. These URLA changes to the system will impact business rules, whether in the data that triggers the business rule or data the rule may be updating, causing a break in the workflow.
- Data integrity and completeness: A new way of collecting the information, whether it is on paper or within the LOS, can lead to incomplete datasets, or data that is in the wrong location. This will impact both the users and the systems that relay on this data to perform the required tasks to get a loan to the closing table and to the investor.
Teraverde Helps Lenders Achieve Success
Success has many definitions. Teraverde has worked with Mortgage Companies of all sizes and locations, from installing LOS to loan production enhancement, to help them achieve their definition. Teraverde has a team of Certified Encompass Administrators that have done LOS installments and business process improvements.
We have assisted many of our clients with their Encompass URLA 2020 project. Whether it is a quick second set of eyes, training, or some last-minute help, we are here for you.