The Uniform Residential Loan Application (URLA), also referred to as the 1003 Mortgage Application, is the industry standard form used by nearly all mortgage lenders in the United States. This basic form must be completed by a borrower to apply for a mortgage. While some lenders may use alternative forms or simply accept basic borrower information about their identity, property type and value, the vast majority of lenders rely on the 1003 form.
The URLA was developed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) as a standardized form for the industry. Mortgages need to documented according to Fannie and Freddie’s standards since both entities require the use of Form 1003, or Form 65, its Freddie Mac equivalent, for any mortgage they consider for purchase. 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 time to sell the mortgage.
Revisions, including but not limited to collecting expanded demographic data, expanded the form from four pages to eight pages. On August 23, 2016 Fannie Mae and Freddie Mac published the redesigned Uniform Residential Loan Application (URLA). Subsequently the CFPB provided clarification to its regulations, that in turn delayed completion of the URLA. Along the way Fannie Mae and Freddie Mac made additional changes. Finally after years of development Fannie Mae and Freddie Mac announced they will begin accepting the revised URLA on July 1, 2019. Use of the form is mandatory February 1, 2020.
The Uniform Residential Loan Application Training Manual includes all you need to know about the revised URLA and includes our “Big Instructions Chart” that compares the Desktop Underwriter requirements versus the form instructions for each section of the URLA.