How many pages is 1003?

How many pages is 1003?

2 pages
Answer: 1,003 words is 2 pages single-spaced or 4 pages double-spaced.

What is a 1003 document?

The 1003 loan application, or Uniform Residential Loan Application, is the standardized form used by most mortgage lenders in the U.S. It is required by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac) for mortgages that they purchase from lenders.

How do I fill out Form 1003?

How to Fill Out and Read Form 1003

1. Property information: Address, year built, intended property use.
2. Loan information: Type and purpose of loan, amount, length of the loan.
3. Borrower and co-borrower information: Name, Social Security number, marital status, address, phone number, date of birth.

Is there a new 1003?

Redesigned Form 1003 now required Effective May 1, 2021, any new loan applications using the legacy Form 1003/DU file format will receive an Out of Scope or Error recommendation and will not be underwritten by DU.

What is a 1008 form?

The Uniform Underwriting and Transmittal Summary Form 1008 summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans.

Who designed the new 1003?

Fannie Mae and Freddie Mac have redesigned the Uniform Residential Loan Application (URLA or Form 1003). As part of that process, the GSEs developed a corresponding Uniform Loan Application Dataset, and created a new Desktop Underwriter Specification (DU Spec) for submitting the redesigned Form 1003 data to DU.

Can 2 unmarried borrowers be on the same 1003?

To be clear – if you require unmarried joint applicants to complete separate 1003 applications, but don’t require married joint applicants to complete separate 1003 applications, that is discrimination based on marital status, which violates both ECOA/Regulation B.

Why did the 1003 change?

Fannie Mae and Freddie Mac (the GSEs) redesigned the Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003) and created new automated underwriting system (AUS) specifications (Fannie Mae Desktop Underwriter® [DU®] Spec) to help lenders better capture relevant loan application information and support the …

Who enforced Tila?

The Federal Trade Commission
The Federal Trade Commission is authorized to enforce Regulation Z and TILA.