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Uniform Residential Loan Application (URLA/Form 1003)
The URLA has been redesigned in part to reflect expanded data collection requirements under the Home Mortgage Disclosure Act (HMDA) and Regulation C that take effect on January 1, 2018 (certain provisions will take effect on January 1, 2017).
The 1003 mortgage application, also known as the Uniform Residential Loan Application, is the standard form nearly all mortgage lenders in the United States use. Borrowers complete this basic form?or its equivalent, Form 65?when they apply for a mortgage loan.
Effective May 1, Desktop Underwriter® (DU®) and Desktop Originator® (DO®) will only accept new loans submitted using the redesigned Uniform Residential Loan Application (URLA)/Form 1003 and the updated DU MISMO 3.4 file format.
Uniform Residential Loan Application (URLA/Form 1003)
The mortgage application, the 1003 or URLA ? these are all synonyms for the standard residential mortgage application which has been changed.
The uniform residential loan application is a form designed by Fannie Mae and Freddie Mac, government-sponsored enterprises (GSE) that support the mortgage market. The form was created to collect the information lenders need to assess your creditworthiness for a mortgage loan.
The redesigned URLA will replace Freddie Mac Form 65 and Fannie Mae Form 1003 and will require lenders to request more borrower information than ever. The new data fields include a wide range of information, such as: Borrower's mobile number(s) Borrower's email address(es)
The iLAD is a ?superset? of loan application data based on MISMO v3. 4 that includes all the data in the ULAD Mapping Document and the GSE AUS Specifications. iLAD also includes additional origination data points requested by the industry that may be needed for exchange of loan information.
Filling out a 1003 form is the first step you'll take to getting preapproved for a mortgage. Officially known as the uniform residential loan application ? URLA for short ? the 1003 application gives your lender the information required to determine whether you qualify for the loan you're applying for.