Visit the Fannie Mae website to download Uniform Residential Loan Application Form 1003. The website also provides an interactive application, Form 1003i, and a Spanish language version, Form 1003si.Continue Reading
Fannie Mae and Freddie Mac developed the Uniform Residential Loan Application to standardize the mortgage application process, notes Mortgages Analyzed. The lender obtains an initial application at the beginning of the transaction to approve the borrower's credit and final application at closing to confirm the borrower's details.
While no law requires the use of Form 1003, many lenders rely on it, explains Mortgages Analyzed. It is built into software systems commonly used in residential finance. Lenders must use it for loans sold to Fannie Mae which, together with Freddie Mac, purchases many mortgages originated in the market.Learn more about Credit & Lending