Fannie Mae, Freddie Mac, BRC Capital Solutions, Bankrate and Steel Rainbow Mortgage Professionals provide form 1003 online, according to their respective websites. Lenders use the information that prospective borrowers provide in form 1003, which is also known as the Uniform Residential Loan Application form, to determine eligibility for loans, explains Bankrate.Continue Reading
The first section of the document describes the loan program for which the prospective borrower wants to apply, according to Bankrate. Loan officers typically fill out this part of the form because the average borrower may find it too difficult to comprehend.
The second section of the form requests information on the purpose of the loan and the property that the applicant intends to purchase, adds Bankrate. If the applicant has not identified the home that he intends to acquire, loan officers add "to be determined" to the relevant parts of this section. Section three asks for the applicant's and co-applicant's information, while section four requests employer information.
Applicants should provide information about their monthly incomes and household expenses on the succeeding section and detail their assets and liabilities on section six, notes Bankrate. Section seven provides details of the transaction, which vary by the terms of the loan origination, while the last section requires prospective borrowers to disclose bankruptcies, lawsuits, foreclosures and other adverse financial events that may materially affect their applications.Learn more about Credit & Lending