Ask any loan processor, or government regulator, to come up with "an elevator speech" explanation of what a mortgage application. with on the loan application Part X of the Uniform Residential Loan.
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Explaining the home loan process Part 2: – The Application. Known as the Uniform Residential Loan Application (or the 1003, after its Fannie Mae form number), this five-page document provides a lender with the basic information needed to approve a buyer. It will include details about you, your finances and your future mortgage.
A mortgage application serves a simple purpose: to help the lender decide whether to lend money to the borrower. But the industry standard Uniform Residential Loan Application, also known as Fannie Mae Form 1003, is more complicated than that straightforward intent might suggest. This section-by-section summary should help you figure it out.
Section 5 The Uniform Residential loan application (1003) The first thing that you should have complete, before you seriously start working on a loan (or spend a lot of time on it) is a Uniform Residential Loan Application. What we affectionately call the 1003. This number is the Fannie Mae
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Download the Uniform Residential Loan Application: This is one of the terms used by lenders for the mortgage loan application form.Another common term is derived from its Fannie Mae and Freddie Mac form number, 1003, or "ten-oh-three." You can use this mortgage application to apply with any lender.
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1003 Application – Why Every LO Needs Mortgage Application Software Online lead generation is now a critical component of a loan officer’s pipeline. When a potential prospect finds your local business listing, website, Zillow/Trulia profile, social media profile, etc., and decide to apply for a loan with you, you’re going to want to have.
state, or the Borrower is relying on other property located in a community property state as a basis for repayment of the loan. If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below): Borrower Co-Borrower . I. TYPE OF MORTGAGE AND TERMS OF LOAN