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Home | Ask Your Question | Mortgage Glossary |
Loan ApplicationThe form used to obtain the borrower’s information and define the terms of the loan. Also is commonly referred to as the 1003 form - Uniform Residential Mortgage Loan Application. The lender may accept applications taken during a face-to-face interview, over the telephone, through the mail, or via the Internet. The borrower(s) must sign the original application at the time it is completed. If the application is taken over the telephone or via the Internet, the borrower(s) must sign the completed application as soon as possible. Downloand current 1003 form from Fannie Mae Web Site.
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Related Mortgage Definitions: Standard Uniform Loan Application, Form 1003 Standard Uniform Loan Application, Form 1003 A standard loan application widely used in the mortgage industry. Lenders use Fannie Mae Form 1003 to record relevant financial information about an applicant who applies for a conventional one- to four-family mortgage. Download ... more... Loan Application Loan Application The form used to obtain the borrower’s information and define the terms of the loan. Also is commonly referred to as the 1003 form - Uniform Residential Mortgage Loan Application. The lender may accept applications taken during a face-to-face ... more... Equal Credit Oportunity Act Equal Credit Oportunity Act (ECOA) Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. ... more... RESPA Real Estate Settlement Procedure Act (RESPA) A federal law passed in 1974 that requires lenders to provide home mortgage borrowers in advance with information of known or estimated settlement costs. RESPA also limits the amount lenders may require to be held in escrow for ... more... |