Application - 1003 "ten o three"
The definition of mortgage term: Application
The standard application form is the Uniform Residential Loan Application or Form 1003 (pronounced "ten o three"). This form provides all the information necessary to determine if an individual can qualify for a loan. It includes information pertaining to the type of mortgage the borrower would like, the property, the borrower, such as, date of birth, social security number, employment history, monthly income and expenses, and assets and liabilities. Typically this form is filled out on the borrowers behalf by a loan officer using information provided by the borrowers. It is then reviewed by the borrowers and then signed by both the loan officer and borrowers.
Go back to the Mortgage Terms page to learn more!