By Dustin R. Burke, Adonai Financial

The Uniform Residential Loan Application, most commonly known as Fannie Mae's Form "1003", is the standard mortgage form used for residential mortgage applications in the US. 

The lender uses this form to record relevant financial information about an applicant who applies for a residential mortgage loan.  The 1003 is broken into several parts:

Section I | Type of Mortgage and Terms of Loan: is the section of the 1003 that records the proposed loan amount,  interest rate, number of months, etc.

Section II | Property Information and Purpose of Loan: is the section of the 1003 that records the property address, how the title will be held, whether the transaction is purchase or a refinance, etc.

Section III | Borrower Information:  is the section of the 1003 that records basic information about the borrower which includes name(s), address(es), phone number(s), social security number, birth date, current address etc.

Section IV | Employment Information: is the section of the 1003 that records the borrower's employment information.  It typically includes the employers name, borrower's title, years of employment, etc.

Section V | Monthly Income and Combined Housing Expense Information:  Is the section of the 1003 that records the borrowers monthly income from all income sources and compares the current monthly housing expense to the proposed (or new) monthly housing expense.

Section VI | Assets and Liabilities:  is the section of the 1003 that records all assets and liabilities of the borrowers which include all bank accounts, real estate, stocks, bonds, mutual funds, IRA, etc. and all mortgages, loans, credit cards, etc.

Section VII | Details of Transaction: is the section of the 1003 that records the funds needed for closings or the funds received from excess funds of a refinance.  This section includes adds the sum of all costs of the transaction minus the loan proceeds and credits to give the borrowers an estimated figure for closing.

Section VIII | Declaration: is the section of the 1003 that records the borrowers responses to specific declaration required to be answered.  These declarations include items such as bankruptcy, litigation, government debt, foreclosure, etc.

Section IX | Acknowledgment: is the section of the 1003 where the borrower signs the document and acknowledges the legal disclosure required by the lender.

Section X | Information for Government Monitoring Purposes: is the section of the 1003 used monitor the borrower(s) ethnicity, race, and gender.

As you can imagine there is way too much information to place here about the Uniform Residential Mortgage Application, but its easy to get more information.  If you'd like more information or have a question about the 1003 please feel free to contact our office at 863-680-2700 or send me an email to dustin.burke@adonaifinancial.com.

"Adonai Financial, your friends in the mortgage business!"

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Copyright © 2008 Dustin R Burke | All Rights Reserved

Portions Copyright © 2008 Adonai Financial Corporation | All Rights Reserved

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Adonai Financial Corporation

http://www.adonaifinancial.com/

---The content of this blog is my opinion---