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Form 1003 is the Uniform Residential Loan Application. The 1003 form is an application borrowers need to fill out in order to apply for a loan. The 1003 form gives the lender access to the borrower’s financial application. The form will request the borrower provide personal information about him- or herself and the co-borrower if there is one. Required information includes employment information, monthly income, assets and liabilities, and declarations. In addition, Form 1003 asks the borrower to specify the type of home loan he or she would like. The borrower submits the completed form, and the lender evaluates the listed information, along with the borrower’s credit history.
Documentation
To complete a Form 1003, a borrower needs to have the following items available:
- property information (owned and anticipated)
- tax information (W-2 and tax returns)
- banking information (including bonds and life insurance)
- assets and liabilities
A borrower will use information from these statements to answer questions on the Form 1003. The borrower must provide complete, accurate and truthful answers. The reasons for missing information should be explained to the lender prior to submission. If the borrower or co-borrower is found to have provided false information, he or she will be prosecuted for mortgage fraud.
