When you go through the mortgage application process, you typically begin by filling out the Uniform Residential Loan Application (URLA/1003). This is a 5-page standard form used by loan originators. The point of the URLA/1003 is to allow mortgage lenders to assess your eligibility for certain loan terms. It is an avoidable part of the mortgage application process.
Information you provide on the Uniform Residential Loan Application
To help the process of filling out your URLA/1003 go smoother (and to get the loan process moving in the right direction), it is important to know the information you will need to provide on the mortgage application. To fill out the URLA/1003, make sure you have the following information ready:
- Full name
- Social Security number
- Addresses
- Birth date
- Marital status
- Other demographic information
- Type of property (e.g., primary residence, second home, investment, etc.)
- Expected occupancy of the property
- Identification of the property (e.g., address, year built, etc.)
- Requested loan terms (e.g., length, interest rate, amortization, etc.)
- Income (e.g., investment income, dividends, child support, etc.)
- Debt obligations (e.g., alimony, student loans, medical bills, etc.)
- Information on legal history
- Other assets owned (e.g., retirement accounts, investment accounts, etc.)
Note that there are several places to sign and/or initial the URLA/1003 form as you fill it out. Throughout the mortgage application process, you must be careful to ensure that you are properly signing and initialing where it’s required.
Supporting documentation
Your mortgage application can begin moving forward once you fill out and submit your URLA/1003 form. However, it is important to note that supporting documentation is also usually required so that the loan originator can verify the information on your form.
You will need to bring in W-2 wage statements, bank account statements, income tax returns, official correspondences, paystubs, and any other documents your lender asks for. You should also have some form of government-issued identification card (e.g., drivers license) and any other proof of identification that the mortgage lender requests.
Keep in mind that your loan originator will look at your credit history and credit score in order to establish what terms you qualify for. If your credit score has dropped since you were pre-approved, your mortgage application can be denied at this stage. The URLA/1003 provides the mortgage lender with the information needed to determine whether your mortgage application can go forward.
The mortgage application process takes a great deal of time and effort for everyone involved. In order to make sure your mortgage application goes through as quickly as possible, be prepared to fill out the URLA/1003 and have the appropriate documentation ready. That way, there’s a greater chance that your mortgage application will be approved in a timely manner.