However, the initial Form 1003 should be signed by each borrower. The initial 1003 may be completed by the borrower or by the loan originator on behalf of the borrower. Initial 1003 helps establish the date of application, permissible purpose for obtaining credit report, and intent of borrowers to make a joint application. Form 1003 is first completed at the time of making a loan application and this form is generally referred to as "Initial 1003". Initial 1003 and Final 1003įorm 1003 is filled at two times during the loan process. Freddie Mac also uses the same application form and is known as the Freddie Mac Form 65. It is generally referred to as Form 1003, or just 1003 and pronounced as "ten-o-three". ![]() Form 1003 is widely adopted by mortgage lenders as a standard loan application form. ![]() Form 1003 is also known as the Uniform Residential Loan Application (URLA). Fannie Mae Form 1003 is a loan application form designed by Fannie Mae and Freddie Mac that is used by lenders to obtain financial and personal information from borrowers who apply for a mortgage loan secured by a one to four unit residential real estate.
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