Fannie Mae and Freddie Mac have announced a redesign for the standardized form borrowers use to apply for a loan, the first substantial revision in more than two decades. The changes to the Uniform Residential Loan Application (URLA) include simplified terminology and new data fields capturing borrower information in an easier-to-read format, the GSEs said. The forms will have clearer instructions so that borrowers will need less help from lenders.
