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.
According to the current schedule, which was recently revised for the COVID-19 Pandemic, acceptance of the forms by Fannie Mae and Freddie Mac will begin on January 1, 2021 and use of the new forms will be mandatory on March 1, 2021. The current version of the URLA will no longer be accepted on or after March 1, 2022.
The BIG Instruction Chart is a valuable training tool that explains how to complete the Uniform Residential Loan Application (URLA) and the related forms. It is also useful as an immediate reference tool when completing the URLA or one of the related forms.
The BIG Instruction Chart conveniently combines information gathered from Federal National Mortgage Association (FNMA) Instructions for Completing the Revised URLA; and FNMA Guidance regarding Desktop Underwriter Specifications. The instructions for some lines contain information from both sources. Other lines contain information from one source or the other. Some lines do not have guidance for completing that section of the form. When guidance from FNMA is lacking seek guidance from investors.