CFPB approves final redesigned Uniform Residential Loan Application

This story appeared in Bank Digest. 

The Consumer Financial Protection Bureau has issued an official approval of the final redesigned Uniform Residential Loan Application, which is a form many consumers complete when they apply for a mortgage, according to a Bureau blog post. The redesigned form will include a question about mortgage applicants' language preference starting as early as July 2019.

The Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to add this question to the URLA, the post said, and the CFPB's official approval "confirms that financial institutions' use of the URLA, including the question identifying a mortgage applicant's language preference, does not violate specific provisions of Regulation B, which implements the Equal Credit Opportunity Act."