Early Access to New Application Gives Clients a Head Start
(MALVERN, PA, June 14, 2019)—Savana, Inc, a financial software developer with decades of experience working with the leading banks, lenders, and regulators reinventing the retail banking and mortgage industry, announces the release of its redesigned software, featuring a completely new and updated Uniform Residential Loan Application (URLA), or Mortgage Application 1003.
While this new URLA and its data set were released in late 2018, it will be mandatory to use this new form for all applications received on or after February 1, 2020. Savana has spent the last year completely redesigning its Studio software so clients are ready for this revised application form well in advance of the mandatory deadline. Savana’s Studio interface has been meticulously redesigned to assist lenders in understanding and adopting the new URLA format and borrower structure. By adopting these changes now, Savana’s customers will enjoy the cleaner look of the system as well as increased privacy for their borrowers’ personal financial information.
“Early on Savana understood that the updated URLA was a major change that would reverberate throughout the mortgage ecosystem,” said Savana’s VP of Client Operations, Blake Jackson. “Since the new requirements fundamentally changed the borrower structure of a loan application, we spent a lot of time making these changes to ensure that our clients experience zero impact to their production pipeline. I’m happy to say we were able to fully support both versions of the URLA and get this update out to our clients ahead of schedule.”
The new URLA application is very borrower-focused and allows for much more flexibility than before. Questions are more tailored to the borrower’s personal financial history while lender-answered questions have moved to a separate part of the form. Savana’s newly developed application also features a new user interface that streamlines this process, so lenders have an easier, more natural experience.
“Savana strives to be the best technology partner our clients have,” said Jackson. “I think, with this release, we are living up to that expectation.”
Companies interested in partnering with Savana can find their new URLA software and other mortgage/lending products here. If you would like to know more about Savana Inc. and how you could benefit from their incredible products and services, make sure to learn more and review client success stories.
Savana is a technology company specializing in providing solutions to the financial services industry that transform their legacy technology to become digitally enabled. Savana’s bank transformation technologies include tightly coupled BPM, ECM, and UI authoring tools along with bank specific domain data models. These technologies power the nGage Enterprise Servicing solution, an OMNI channel, core agnostic customer and account servicing solution that helps banks enhance existing legacy technology while positioning for future transformation. Learn more at Savanainc.com.