Admin Table of Contents
- 1 What is the new 1003 form?
- 2 Is there a new 1003?
- 3 When was the 1003 created?
- 4 Can you put unmarried borrowers on the same 1003?
- 5 Why is the Urla 1003 changing?
- 6 Who fills out form 1003?
- 7 Does the initial 1003 need to be signed by the loan officer?
- 8 Is the final 1003 required to be signed by the loan officer?
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 …
Is there a new 1003?
Loan Application (1003) Recently, the agencies made more updates to Form 1003 to streamline the process and create a more consumer-friendly experience. The redesigned Form 1003 will be required for loans with applications on or after March 1, 2021.
When was the 1003 created?
August 2016
What Is the 1003 Mortgage Application Form? The 1003 mortgage application form was developed by Fannie Mae and first published in August 2016. Its Freddie Mac equivalent is Form 65.
How many sections are in 1003 application?
With ten different sections to fill out, these forms can often appear complicated and intimidating on first glance.
Who is required to use the new 1003 form?
The 1003 loan application, or Uniform Residential Loan Application, is the standardized form used by most mortgage lenders in the U.S. It 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.
Can you put unmarried borrowers on the same 1003?
Answer: by Jim Bedsole: 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.
Why is the Urla 1003 changing?
Why is the URLA changing? The redesigned URLA was spearheaded by Fannie Mae and Freddie Mac (the GSEs). The idea behind the redesign, according to the GSEs, is to have a more consumer-friendly loan application experience while also moving the lending industry closer to digitizing the loan origination process.
Who fills out form 1003?
What Is the 1003 Mortgage Application? The 1003 mortgage application, also known as the Uniform Residential Loan Application, is the standard form used by nearly all mortgage lenders in the United States. This basic form—or its equivalent, Form 65—is completed by borrowers when they apply for a mortgage loan.
What is a 1003 used for?
How is the 1003 Form used? 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.
Does the initial 1003 need to be signed?
The initial 1003 may be completed by the borrower or by the loan originator on behalf of the borrower. However, the initial Form 1003 should be signed by each borrower. For applications taken through the Internet, the lender may obtain an electronic signature or send a printed copy to the borrower for signature.
Does the initial 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.
Is the final 1003 required to be signed by the loan officer?
The final signed version of the Form 1003 will continue to be required. Lenders may take advantage of this change immediately.