The instructions are also designed to meet the requirements of Regulation B and UDAAP. Instructions and Signatures: The first section contains certain instructions for the borrowers and explains who needs to complete the form.The Form 1003 contains the following information: 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. This is generally referred to as "Final 1003" and is prepared by the lender. The second Form 1003 is prepared at the time of loan closing. For applications taken through the Internet, the lender may obtain an electronic signature or send a printed copy to the borrower for signature. For applications taken over phone, the loan originator may complete the application form and then send the completed form to the borrower for signature. However, the initial Form 1003 should be signed by each borrower. The initial 1003 may be completed by the borrower or by the loan originator on behalf of the borrower. Initial 1003 helps establish the date of application, permissible purpose for obtaining credit report, and intent of borrowers to make a joint application. Form 1003 is first completed at the time of making a loan application and this form is generally referred to as "Initial 1003".
Initial 1003 and Final 1003įorm 1003 is filled at two times during the loan process.
Fannie mae guides on second notes mac#
Freddie Mac also uses the same application form and is known as the Freddie Mac Form 65. It is generally referred to as Form 1003, or just 1003 and pronounced as "ten-o-three". Form 1003 is widely adopted by mortgage lenders as a standard loan application form. Form 1003 is also known as the Uniform Residential Loan Application (URLA). 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.