-
Thing to Look Out For on a 1003 Mortgage Application
When we are reviewing 1003, what are two things we have to look for immediately from a compliance standpoint?
-
1 Reply
-
At the initial stages of filling out Form 1003, It is important to understand that there are compliance issues that relate to the Uniform Residential Loan Application, specifically the following:
Completeness of the Information Provided
Complete Information: Perform due diligence to check and ensure all the Personal Information sections are completed.
- This includes information on the Main Borrower (name, address, social security, date of birth).
- Please comply with this requirement to provide complete and accurate information to avoid serious issues and adverse effects on procession times.
Income Verification — Ensure all sources of income are documented and that N/A employment information is up to date. The following must be confirmed whether these changes are or are not applicable:
- All sources of income are correctly reported.
- All sources of income are reported in the format specified by the lender’s guidelines.
Borrower’s and co-borrowers application compliance and signature with a date
- Verification of Borrower And Co-Borrower Signatures: Ascertain persons whose application is required to sign the application jointly, including the main borrower and the co-borrower.
- When applying for housing application that is not conventional, only the main borrower’s signature is required.
- The non-existence of signatures may be the main cause of invalidating the application and ongoing compliance issues.
Date in which the application is placed: The correct date should be placed in the instantaneous submission application. This particular date is critical for appropriately tracking the application throughout the entire process. Moreover, there are timelines for disclosing relevant information, including requirements.
Payoff or settlement.
In conclusion, reviewing aspects such as completeness and accuracy of information and the proper signature and date stamping of documents can help ensure compliance with lending rules and advance the loan approval process. Let us know if you want us to elaborate more or if you have any other doubts that you would like to clarify.