What is a 1003 loan application?
The 1003 loan application, or Uniform Residential Loan Application, is a standard form most U.S. mortgage lenders use. This form 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 …
Why would a lender require a borrower to complete Form 1003 in order to obtain a mortgage?
Lenders need to use the 1003 Form to ensure their mortgage loans align with Fannie Mae and Freddie Mac’s rules and guidelines. Fannie Mae and Freddie Mac buy mortgage loans in bulk from lenders, and using this form helps confirm that the loans qualify for resale…
How long has 1003 been used?
The 1003 mortgage application form was developed by Fannie Mae and first published in August 2016.
How many sections are there in 1003 form?
10 Sections of URLA (1003)
What is a 1008 form?
The Uniform Underwriting and Transmittal Summary Form 1008 summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans.
Can unmarried borrowers be on the same 1003?
To be clear – if you require unmarried joint applicants to complete separate 1003 applications, but don’t require married joint applicants to complete separate 1003 applications, that is discrimination based on marital status, which violates both ECOA/Regulation B.
How many sections are there in 1003?
What is the most commonly used mortgage application?
One of the most common mortgage applications is the 1003 mortgage application form, also known as the Uniform Residential Loan Application.