The 1003 Loan Application, also known as the Uniform Residential Loan Application (URLA), is a standardized form used to apply for a mortgage in the United States. This comprehensive form collects essential information about the borrower's identity, employment, income, assets, liabilities, and details about the desired property. The 1003 Loan Application is a critical tool for lenders to assess the creditworthiness and eligibility of applicants for home financing. Its uniform format facilitates consistency and accuracy in the mortgage application process, helping lenders make informed lending decisions and ensuring compliance with regulatory requirements.

The major sections of the Application

Getting Started

Initiates the application process, guiding you through preliminary steps such as adding the loan information.

About You

This section collects personal information for the Borrower and Co-Borrower.

Borrower Details

Provide information crucial for identity verification and contact purposes, such as legal name, Social Security number, date of birth, and marital status.

Address History

Current and prior residences, including address, residence type, and duration.

Co-Borrower Details

The Co-Borrower and Borrower require the same information for identity verification and contact purposes.

Work

Employment information, including current and past employers, job position, income, and length of employment, to assess employment stability and income source.

Other Income

Documents additional sources of income outside of regular employment, such as alimony, rental income, or dividends, which can impact loan eligibility.

Assets

This section details the applicant’s assets, including bank accounts, investments, and other properties, providing a comprehensive view of financial strength and resources available for down payment and closing costs.

Liabilities

List all current debts such as loans, credit card balances, and other obligations to evaluate the applicant's existing financial commitments and calculate debt-to-income ratios.

Real Estate

Inquires about properties currently owned by the applicant, including their value and status, to understand the applicant's real estate holdings and related financial responsibilities.

Declaration

It contains important disclosures and declarations about citizenship status, past defaults, and other legal aspects that affect the applicant’s eligibility and the integrity of the loan application.

Demographics

This optional section captures demographic information to support compliance with fair lending laws and monitor equal credit opportunities.

Review & Submit

Review the Loan App for accuracy, make any necessary corrections, and submit the final application for processing.