Fannie Mae Form 1003, also known as the Uniform Residential Loan Application (URLA), is a loan application form used by lenders to acquire the details of a borrower’s financial and personal information. According to Fannie Mae and Freddie Mac, creators of Form 1003, the document is meant for borrowers seeking a loan for one to four units of residential real estate and should be submitted to the lender twice throughout the loan process.
The form is first submitted with the borrower’s loan application. This “Initial 1003” basically helps the lender determine the purpose for requesting a credit report, borrower’s overall loan objective, and date of the application. More specifically, the application date is based off the following form factors:
- The consumer’s name
- The consumer’s income
- The consumer’s social security number to obtain a credit report
- The property address
- An estimate of the value of the property
- The mortgage loan amount sought
Once the lender has this information, even if some data is missing, the form is considered an application. Anything received after that day, like additional details and documents, will be added to the application and the form will simply adjust throughout the loan process until closing.
Once the borrower reaches closing, the “Final 1003” is prepared by the lender. The purpose of this second form is to have the borrower confirm the final loan application’s information. If anything is incorrect at that time, it’s important to correct and reissue the form.
To obtain a Fannie Mae Form 1003 for your loan application, or to request assistance on your form, contact one of our mortgage specialists today.