What Is Loan Application (Form 1003)?
Loan Application (Form 1003): The standard mortgage application listing your income, assets, debts, employment and the property.
Also called: 1003, URLA, Uniform Residential Loan Application
The loan application is the form lenders use to collect your information. Most lenders use the Uniform Residential Loan Application, Fannie Mae Form 1003 (also called the URLA).
What it asks
- Personal information, including Social Security number and marital status
- Employment and income history, generally for two years
- Assets: bank, investment and retirement accounts
- Debts and other real estate you own
- The property address, loan amount and purpose
- Declarations, such as past bankruptcies, foreclosures and whether you'll live in the home
When it's "complete"
Under federal rules, once a lender has six pieces of information (your name, income, Social Security number, property address, estimated value and loan amount), it must send a Loan Estimate within three business days.
Good to know
Answer every question accurately. Misstating information on a mortgage application is a federal crime.