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What is a 1003?

August 4th, 2017 | Application Process

What is a 1003?

What is a 1003 Loan Application?

1 STOP Mortgage wants you to know all about your loan process from beginning to end.

The application process from disclosure to your Loan Officer to your making your first payment on your new mortgage can appear to be complicated.  Not to worry, we've over 3 decades of combined experience in making it EZ for you.  Check out our "5-minute EZ-PreQual" by clicking on the red "Apply Now' button on our home page  You'll be glad you did!

Now to the 1003 loan application form, also called the Uniform Residential Loan Application, was developed by the Federal National Mortgage Association, also known as Fannie Mae, as a standardized form for the industry. Fannie Mae and its sibling, the Federal Home Loan Mortgage Corp., or Freddie Mac, are lending enterprises created by Congress to maintain liquidity in the mortgage market.

These entities purchase mortgages from individual lenders and hold the loans in their own portfolios, or sell the loans to other entities as part of a mortgage-backed security (MBS). By selling consumer mortgage debt to these federally-backed entities, lenders maintain the liquidity necessary to consider loans for purchase, as it is simpler for lenders to use the appropriate form at the outset than to try to transfer information from a proprietary form to a 1003 when it comes to sell the mortgage. 

In other words, your giving information to your Loan Officer as part of the loan application process, makes for a smoother transition for the Lender as your loan progresses into approval and ultimately, sold to your servicer, to whom you make your monthly payments for the duration of the mortgage.

Got questions?  We've got answers!  Give us a call at (901) 388-1588.  We're here to help!

 

Serving the Great Mid-South Region
Offices: 901-388-1588 or 901-476-9100 | Toll-Free: 
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1 STOP MORTGAGE | NMLS#215671 | TN Lic#108931 | 5909 Shelby Oaks Dr, Suite 129, Memphis, Tennessee 38134