How do I fill out a 1003 application?

How do I fill out a 1003 application?

How to Fill Out and Read Form 1003

1. Property information: Address, year built, intended property use.
2. Loan information: Type and purpose of loan, amount, length of the loan.
3. Borrower and co-borrower information: Name, Social Security number, marital status, address, phone number, date of birth.

What is a 1003 form in mortgage?

The 1003 loan application, or Uniform Residential Loan Application, is the standardized form used by most mortgage lenders in the U.S. It is required by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) for mortgages that they purchase from lenders.

What is the new 1003 form?

Fannie Mae and Freddie Mac (the GSEs) redesigned the Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003) and created new automated underwriting system (AUS) specifications (Fannie Mae Desktop Underwriter® [DU®] Spec) to help lenders better capture relevant loan application information and support the …

Which borrower information is contained in the Uniform Residential loan Application?

Financial Information – Real Estate. Contains only the following statement for the additional Borrower to complete: “My information for Section 3 is listed on the Uniform Residential Loan Application with (name of Borrower).”

What is the note on a house?

A mortgage note is the document that you sign at the end of your home closing. It contains all the terms of the agreement between the borrower and the lender and accurately reflects all the terms of the mortgage.

Does the initial 1003 need to be signed?

The initial 1003 may be completed by the borrower or by the loan originator on behalf of the borrower. However, the initial Form 1003 should be signed by each borrower. For applications taken through the Internet, the lender may obtain an electronic signature or send a printed copy to the borrower for signature.

How many sections are there in 1003 form?

10 Sections of URLA (1003)

Do mortgage lenders verify your marital status?

Mortgage lenders rarely verify a borrower’s number of dependants or marital status. However, if a borrower was recently divorced, a mortgage lender may inquire about responsibility for certain joint accounts.

Is the final 1003 required to be signed by the loan officer?

The exceptions that currently apply when a power of attorney is used to sign the loan documents remain and have been further clarified. The final signed version of the Form 1003 will continue to be required.

Is the 1008 required?

Considering the optional nature of the Form 1008, we are no longer requiring lenders to use or implement the updated Form 1008. Lenders may use the updated Form if they so choose for manually underwritten loans.

What is a 1004 form?

A URAR form, also known as Fannie Mae Form 1004, contains information needed to complete a full appraisal of a property using three primary approaches to determine value: cost approach, sales comparison approach and income approach. Basic information including address, legal description, owner’s and/or borrower’s names.