All of those letters and numbers aren’t as confusing as you think! At Traditions Mortgage, we aim to educate our customers and referral partners on the mortgage process, as well as mortgage lingo. That’s why we instituted this six-week long video series to explain some of the more commonly used mortgage terms.
In this video, we talk about the 1003 Form or URLA.
What is a 1003 Form?
You may hear this term used by a mortgage professional when they say, “Please sign the 1003 Form,” or “Your income is listed on page 2 of the 1003 Form.”
The 1003 Form is Fannie Mae’s form number for the Uniform Residential Loan Application, or more simply, your application for a mortgage. Freddie Mac’s form number is Form 65, but they both refer to the same exact form. However, the 1003 is the more widely used term. It is also called a U.R.L.A. or URLA in the industry.
The URLA, 1003, and Form 65 all refer to the same loan application. The Uniform Residential Loan Application is currently a four-page document that collects the essential information for processing your file. It details the loan terms and borrower information to offer a condensed view of the loan application and contains important information as regulated by the government.
For more information, contact a member of our Traditions Mortgage team today!