Chap 15 The Mortgage 1003 Mortgage Application Form

Question 1

1003 Mortgage Application Form

Answer 1

Uniform Residential Loan Application, is currently the standard document that has to be completed when applying for loan in the US.
Form 1003 is mandatory when one applies for a mortgage from the federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac)

Question 2

1003 Questions

Answer 2

Employment History
Income
Assets
Debts
Type of property
Value of property
Form 1004 usually completed twice during the mortgage application
1. Initial Application
2. Closing.

Question 3

Who developed 1003

Answer 3

It was developed by the Federal National Mortgage Association or Fannie Mae, as a standardize form for the industry.

2021: form 1003 was redesigned, and all new application must use this updated form.

Question 4

Form 1003 Collects

Answer 4

1. Employment history At least two years and monthly income
2. Any other household income
3. Itemized list of liabilities(current mortgage, rent, car loans, student loans, credit card debt.
4. Itemized list of assets(life insurance policy, savings and checking accounts, stocks, bonds, IRA or similar accounts, pension, child support, alimony
5. Does the borrower own other property or a second home?
6. What is the value and type of property the borrower wishes to buy now? Is it rental property and how much rent will be earned every month.

Question 5

How many sections in form 1003

Answer 5

It has 9 sections to be completed.