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.
In this regard, can unmarried borrowers be on the same 1003?
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.
In respect to this, how do I fill out a 1003 application?
How many pages is new 1003?
Biggest changes on the form
It is now 9 pages. The redesigned URLA will replace Freddie Mac Form 65 and Fannie Mae Form 1003 and will require lenders to request more borrower information than ever. The new data fields include a wide range of information, such as: Borrower’s mobile number(s)
How many sections are in 1003 application?
It will include details about you, your finances and your future mortgage. With ten different sections to fill out, these forms can often appear complicated and intimidating on first glance.
Is the a new 1003 loan application?
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.
Is the final 1003 required to be signed by the loan officer?
The exceptions that currently apply when a power of attorney is used to sign the loan documents remain and have been further clarified. The final signed version of the Form 1003 will continue to be required.
What document would an underwriter rely on for detailed information?
What document would an underwriter rely on for detailed information concerning the collateral for a mortgage loan? The answer is the property appraisal. An underwriter would rely on the property appraisal for detailed information concerning the collateral for a mortgage loan.
What is a 1008 form in mortgage?
The Uniform Underwriting and Transmittal Summary Form 1008 summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans.
What is a final 1003?
Final 1003 is the Form 1003 that is prepared by the lender and is signed by the borrower at loan closing. What It Means. The purpose of Final 1003 is to have the borrower confirm the loan application information after all the details have been verified by the lender.
What is the difference between initial 1003 and final 1003?
Initial 1003 helps establish the date of application, permissible purpose for obtaining credit report, and intent of borrowers to make a joint application. … The purpose of Final 1003 is to have the borrower confirm the loan application information after all the details have been verified by the lender.
What is unmarried addendum?
The Unmarried Addendum is to be used anytime the borrower indicates their marital status is unmarried. The form asks if there is any other person who may have real property rights similar to a spouse.
Who designed the new 1003?
Fannie Mae and Freddie Mac have redesigned the Uniform Residential Loan Application (URLA or Form 1003). As part of that process, the GSEs developed a corresponding Uniform Loan Application Dataset, and created a new Desktop Underwriter Specification (DU Spec) for submitting the redesigned Form 1003 data to DU.
Why is there a new 1003?
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 …