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The 1003 form is also known as a Uniform Residential Loan Application. The lender uses this form to collect financial information about an applicant who is applying for a mortgage. The form should be completed by the borrower with the lender's assistance.
There are several sections on the form that need to be completed. They include:
- Type of Mortgage and Terms of Loan
- Property Information and Purpose of Loan
- Borrower Information
- Employment Information
- Monthly Income and Combined Housing Expense Information
- Assets and Liabilities
- Details of Transaction
- Declarations
- Acknowledgement and Agreement
- Information for Government Monitoring Purposes
If the application is for joint credit, both borrowers need to include their information on the form. There are many sections on Form 1003 that are simple for the borrower to understand and complete. There are also some sections in which the lender will need to assist the borrower. You should never attempt to fill out Form 1003 completely on your own because there will always be sections that the lender will have to help you with. The borrower and lender can work together to fill out Form 1003 in person, over the phone, through the mail, or online.
