The loan application form 1003 is a mortgage application form designed by Fannie Mae, explains Bankrate. The full name of the mortgage application is the uniform residential loan application, known as Fannie Mae form 1003, and it is the industry standard as of 2016.Continue Reading
The application includes detailed sections that help a lender determine a borrower���s creditworthiness and whether to lend them money, according to Bankrate. Some of the sections include the type of mortgage and the terms of the loan; the property type; the purpose of the loan, such as financing for a primary residence or investment property; and the borrower and co-borrower information. Other sections include the borrower���s monthly income and combined housing expenses and employment information.
During the loan process, borrowers fill out two 1003 forms, notes Mortgages Analyzed. The initial 1003 establishes the date of the application. The second 1003 is the final 1003, prepared by the lenders and signed by the borrowers at the closing table. The first 1003 gives lenders permission to obtain credit reports on the borrowers, and the final 1003 allows the borrowers to verify that all information prepared by the lenders is true and accurate. Fannie Mae requires all lenders who sell mortgages to them to use URAR form 1003.Learn more about Personal Loans