What is the 1003 Uniform Residential loan Application?

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.

What is a Uniform Residential loan?

Uniform Residential Loan Application is a standardized loan form used in the mortgage industry. This form is called a 1003 form, it requires that borrowers fill out all necessary information before a loan can be established between a lender and the borrower.

What is the 1003 mortgage application form?

Fannie Mae Form 1003 is a loan application form designed by Fannie Mae and Freddie Mac that is used by lenders to obtain financial and personal information from borrowers who apply for a mortgage loan secured by a one to four unit residential real estate. Form 1003 is also known as the Uniform Residential Loan Application (URLA).

What is an uniform residential loan application?

Uniform Residential Loan Application Definition. Uniform Residential Loan Application is a standardized loan form used in the mortgage industry. This form is called a 1003 form, it requires that borrowers fill out all necessary information before a loan can be established between a lender and the borrower.

What is universal residential loan application?

Universal Residential Loan Application. this document is used to apply for a mortgage and to provide information regarding a prospective mortgagor and the proposed security. It is common to have errors regarding the borrower’s personal information on this document due to carelessness on the part of many lenders.

What is a loan application form?

A loan application form, which can be also called credit application form, is a document that presents a borrower’s income, debt, and other essential information, on which the bank or lender bases to make the decision whether to lend.The loan application form clearly lists the two parties to the loan and…