Illinois Uniform Residential Loan Application
Description
How to fill out Uniform Residential Loan Application?
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FAQ
The URLA consists of two main forms, the Borrower Information Form and the Lender Information Form, which together make up the complete loan application. However, depending on certain situations, additional forms may be required. These are the Additional Borrower form, Unmarried Addendum, and Continuation Sheet.
The home loan application will ask borrowers for information regarding their financial situation, including income and assets, as well as personal information like their Social Security number. You will also be required to provide documentation corroborating the information you provide.
A loan application must be documented on the Uniform Residential Loan Application (Form 1003). A complete, signed, and dated version of the final Form 1003 must always be included in the loan file. The final Form 1003 must reflect the income, assets, debts, and final loan terms used in the underwriting process.
What is the Uniform Residential Loan Application? The URLA (also known as the Freddie Mac Form 65 / Fannie Mae Form 1003) is a standardized document used by borrowers to apply for a mortgage. The URLA is jointly published by the GSEs and has been in use for more than 40 years in all U.S. States and Territories.
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.
After years of delays, including a year-long delay due to COVID-19, the release of the new Uniform Residential Loan Application (URLA) is about to happen. Starting March 1, 2021, all lenders who intend to sell closed residential mortgage loans to Fannie Mae or Freddie Mac will be required to use the new URLA.
What Is a Mortgage Application? A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate. The application is extensive and contains information about the property being considered for purchase, the borrower's financial situation and employment history, and more.
