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1003 - Home Mortgage Loan Application

This is the number assigned by the Federal government to the standard form which all customers fill out to apply for a home loan.

Any lender can modify their application, and some do for certain types of loans they do, it just has evolved to be easier to use the uniform application that these GSE's (Fannie Mae and Freddie Mac) have issued. Some lenders will issue their own application still where the Uniform Residential Loan Application in its entirety is unnecessary. An example would be if the borrower was applying for a loan that did not ask for income, employment, or asset documentation. Since a good share of this information takes up the 1st and 2nd pages of the 3 page application, the 1003 can be modified to a simple one page application like an auto or credit card application.

Actually the official title of the form 1003 is the Uniform Residential Loan Application or URLA.

A 1003 Uniform Residential Loan Application can be completed either as a hand-written document or a computer generated document. All signitures should be written in ink.

The 1003 may also be known as the loan application.

The 1003 also includes sections that detail the borrowers assets and liabilities.

The 1003, otherwise known as the Uniform Residential Loan Application, has to be used for all conforming loans delivered to Fannie Mae and Freddie Mac. This loan application form is so widely accepted that it is used for even nonconforming loans that are not meant to be sold to FNMA and FHLMC.

The first page of 1003 application contains all the borrower, coborrower, property and loan information. The beginning section of the first page details the property and purpose of loan. The Second section contains all borrower and coborrower personal information. The last section details employment information for borrowers.

A 1003 gives a "bird-eyes" view of an applicant/applicants for a mortgage. It describes the person, income, liabilities, and assets. It's the basic and essential peice to applying for a home loan.

The 1003 form has recently changed its look. New 1003 forms are on standard letter size pages. Older 1003 forms were legal size. If you filled out an older form the lender may require you to fill out the newer form depending on when your loan closes.

Effective Jan 1, 2006, the new 1003 is now required. Your borrower initial 1003 may have been signed prior to Jan 1, 2006. However, most lenders will require the final 1003 to be signed at closing.

Depending on what loan type you and your mortgage broker choose you will have to support the information in the 1003 with more documentation. For income you will need 4 weeks worth of pay stubs along with 2 years tax returns. For your down payment or cash reserves you will need 2 months bank statements which shows source and seasoning on funds. For employment you will need a verification of employment (VOE) and for mortgage history you will need a VOM or verification of mortgage to show the last payments have been made on time.


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