February 1, 2020 is the deadline to comply with URLA/1003 changes. While that deadline may seem reasonable, we all know better. When a deadline for compliance is set, it usually seems distant. A problem for a later date. But then, one morning, you wake up and the deadline is tomorrow. This simply isn’t fun so let’s do our best to avoid this scenario by embracing a proactive mindset.
When it comes to URLA/1003 changes, non-compliance can significantly and adversely impact lending, servicing and service provider operations. To ensure mortgage businesses across the industry are thinking through the full scope of implications, Consolidated Analytics’ OpExNow Consulting and Advisory group drafted a self-assessment. We’d love your participation, but at the very least, we encourage you to review the questions in the context of your operation. If you answered "not started" or "don't know" to any of these questions, your business may be at risk for non-compliance. We can help. Reach out to Randy Loghry, firstname.lastname@example.org to identify and address change related to URLA.