The North Dakota Uniform Residential Loan Application (DARLA) is a standardized form used in the state of North Dakota to apply for a residential loan. It is designed to collect detailed information from borrowers seeking financing for their residential property and is used by lenders and loan officers to assess the borrower's creditworthiness and determine their eligibility for a loan. The DARLA asks for comprehensive information about the borrower, co-borrower (if applicable), and the property being financed. This includes personal details such as name, social security number, date of birth, marital status, and contact information. It also covers employment history, income sources, assets, liabilities, and monthly expenses. Moreover, the DARLA requires the disclosure of information about previous federal loans, criminal records, lawsuits, and any related bankruptcy or foreclosure history. This information helps lenders gauge the borrower's financial stability and assess the level of risk associated with the loan. The DARLA provides checkboxes for different types of residential loan applications, including: 1. Purchase Application: This type of application is used when borrowers are seeking financing to purchase a new residential property. 2. Refinance Application: Borrowers who already own a property and want to replace their existing loan with a new one can use this application type. 3. Construction Application: If borrowers are planning to construct a new home or renovate an existing one, they can utilize this application to seek funding for the construction project. 4. Home Equity Line of Credit (HELOT) Application: This application is used when homeowners want to access the equity in their property by applying for a line of credit. Applying for a loan using the DARLA is a crucial step in the residential financing process in North Dakota. It enables lenders to review applicants thoroughly and make informed decisions based on their financial situation. In conjunction with other required documents, the DARLA ensures transparency and standardized information gathering, promoting fair lending practices within the state.
North Dakota Uniform Residential Loan Application
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What Is a Mortgage Application? A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate. The application is extensive and contains information about the property being considered for purchase, the borrower's financial situation and employment history, and more.
The URLA consists of two main forms, the Borrower Information Form and the Lender Information Form, which together make up the complete loan application. However, depending on certain situations, additional forms may be required. These are the Additional Borrower form, Unmarried Addendum, and Continuation Sheet.
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.
The uniform residential loan application is a form designed by Fannie Mae and Freddie Mac, government-sponsored enterprises (GSE) that support the mortgage market. The form was created to collect the information lenders need to assess your creditworthiness for a mortgage loan.
After years of delays, including a year-long delay due to COVID-19, the release of the new Uniform Residential Loan Application (URLA) is about to happen. Starting March 1, 2021, all lenders who intend to sell closed residential mortgage loans to Fannie Mae or Freddie Mac will be required to use the new URLA.
Typically, unmarried persons cannot apply for joint credit, and as such, much individually submit separate loan apps (1003). They should NOT sign the top of the 1003, nor each other's 1003 in this case.
Uniform Residential Loan Application (URLA/Form 1003)
The home loan application will ask borrowers for information regarding their financial situation, including income and assets, as well as personal information like their Social Security number. You will also be required to provide documentation corroborating the information you provide.