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 information is collected in section 10 of the 1003?

Terms in this set (10) Details of Transaction; Purchase price, alterations, land, refinance, estimated prepaid items, closing costs, etc. Declarations; outstanding judgments, bankruptcy or foreclosure (7 years), alimony, child support, primary residence, etc.

On which portion of the loan application would one find a street address and legal description of the property?

On which portion of the loan application would one find a street address and legal description of the property? The answer is Section II. Section II of the 1003, “Property Information and Purpose of Loan,” provides information about the property, including its street address and a legal description.

What are the 10 sections of the Urla?

Terms in this set (11)

  • I (1) Type of mortgage and terms of loan.
  • II (2) Property Information and purpose of loan.
  • III (3) Borrower Information.
  • IV (4) Employment Information.
  • V (5) Monthly Income and Combined Housing Expense.
  • VI (6) Assets and Liabilities.
  • VII (7) Details of Transaction.
  • VIII (8) Declarations.

Who fills out the 1003?

Lenders
Lenders in the U.S. use the 1003 Form to evaluate potential applicants, including borrowers seeking refinances, construction-to-permanent loans, conventional loans, VA, FHA, and USDA mortgage loans. The new 1003 Form offers benefits to both borrowers and lenders.

Is an initial 1003 required?

Documenting the Loan Application A loan application must be documented on the Uniform Residential Loan Application (Form 1003). A complete, signed, and dated version of the final Form 1003 must always be included in the loan file.

What is borrower residency basis type?

A value from a MISMO prescribed list that specifies the basis on which the borrower lives/lived at the indicated address.

What info is on the 1003?

The 1003 loan application, or Uniform Residential Loan Application, is the standardized form most mortgage lenders in the U.S. use. The application asks questions about the borrower’s employment, income, assets, and debts, as well as requiring information about the property.

On which portion of the redesigned loan application would one find a street address of the property and whether it will be a primary or secondary residence?

The answer is Section 4. Section 4 of the 1003, “Loan and Property Information,” provides information about the property, including its street address and a legal description. The 1004 is the form number for: URLA.

What is H in property status on 1003?

H. DOLLAR AMOUNT – Enter the cash value for each listed item. I. LIFE INSURANCE/NET CASH VALUE – Enter your present net cash value of all your life insurance policies.

How many sections are in a 1003?

nine sections
It’s known within the mortgage industry as Fannie Mae Form 1003, and borrowers enter income, asset credit and other personal financial information into the redesigned form’s nine sections.

Does the final 1003 need to be signed by the loan officer?

Documenting the Loan Application A complete, signed, and dated version of the final Form 1003 must always be included in the loan file. The final Form 1003 must reflect the income, assets, debts, and final loan terms used in the underwriting process.

What information is on form 1003?

Therefore, the final 1003 has the income, asset, and employment information that the lender verified and used for underwriting purposes. The Form 1003 contains the following information:

What is the du spec for form 1003?

This specification contains the conditionality, cardinality, implementation notes, and other business information necessary to implement the redesigned Form 1003 in DU. The DU Spec, along with other supporting information like an implementation guide and test case suite, can be found on the Technology Integration page for DU.

How long should form 1003 be kept with the loan file?

Form 1003 is a vital document for a loan file and is used to demonstrate compliance with various regulations such as Regulation C, Regulation B, and Regulation X. Therefore, Form 1003 should be kept with the loan file for as long as the loan is outstanding.

What is the Freddie Mac form 1003?

It is generally referred to as Form 1003, or just 1003 and pronounced as “ten-o-three”. Freddie Mac also uses the same application form and is known as the Freddie Mac Form 65.