A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.

The 1003 Mortgage Application will list all liabilities that are showing on your credit report. This includes, but is not limited to:
Other Mortgages
Car Payments
Credit Card Payments
Student Loans
Open Collection Accounts
Each item lists the current balance and the monthly payment to be calculated into your Debt To Income Ratio.

The 1003 Mortgage Application contains information such as the address of the current property being purchased or refinanced.
If a purchase- then the purchase price and loan amount.
If a refinance- how much the property was purchased for and when.

The 1003 Mortgage Application lists the borrowers current address(es) going back at least 2 years.

The 1003 Mortgage Application will generally list the borrower employment, unless the application is for a No Employment Verification Loan.
If the loan will include Employment Verification (and most do), the application will provide for 2 years of Employment History, although some lenders require less than 2 years history.

The 1003 Mortgage Application is generally taken face to face or over the phone.
It contains all the necessary information involved having to do with your mortgage loan.

The application will provide the lender the essential details to make an informative decision.

The 1003 Mortgage Application has a "Schedule of Real Estate Owned".
This should list all properties that the borrowers own including any mortgages tied to these properties.
Also detailing which property is an investment property or second home, if applicable

A 1003 Mortgage Application is also called a "Uniform Residential Loan Application", or abbreviated URLA. The 1003 application, URLA, is exactly that, an application for a loan. You will be required to sign the mortgage loan application and verify the accuracy of the information contained within the application. It is very important that you are honest and upfront on your application. If you lie about something on the application or try to hide something this can be reason for immediate denial of your loan or even worse an immediate demand for the remainder of the loan balance in full, if the loan has already gone through. Therefore, read over your entire loan application and check the accuracy of the information before signing your name to it.

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