Wisconsin Uniform Residential Loan Application
Description
How to fill out Uniform Residential Loan Application?
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FAQ
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.
Borrower information: You will need to provide your name, date of birth, Social Security number, phone number, address, and marital status. You may also need to provide your resident status and citizenship. If there is a co-borrower, they will need to provide this as well.
Filling out a 1003 form is the first step you'll take to getting preapproved for a mortgage. Officially known as the uniform residential loan application ? URLA for short ? the 1003 application gives your lender the information required to determine whether you qualify for the loan you're applying for.
A loan application must be documented on the Uniform Residential Loan Application (Form 1003). A complete, signed, and dated version of the final Form 1003 must always be included in the loan file. The final Form 1003 must reflect the income, assets, debts, and final loan terms used in the underwriting process.
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.
Biggest changes on the form The URLA is much longer than before. It is now 9 pages. The redesigned URLA will replace Freddie Mac Form 65 and Fannie Mae Form 1003 and will require lenders to request more borrower information than ever.
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.