B1-1-01, Contents of the Application Package (12/14/2022)

A loan application must be documented on the Uniform Residential Loan Application (Form 1003). A complete, signed, and dated version of the final Form 1003 must always be included in the loan file. The final Form 1003 must reflect the income, assets, debts, and final loan terms used in the underwriting process. (See  B3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit ReportB3-2-10, Accuracy of DU Data, DU Tolerances, and Errors in the Credit Report for additional information about ensuring DU data accuracy and tolerances.)

If either the note or the security instrument and the final Form 1003 will be executed pursuant to a power of attorney in accordance with this Guide, then the initial Form 1003 must be personally signed by the borrower (except as provided below) and included in the loan file. See B8-2-03, Signature Requirements for Security InstrumentsB8-2-03, Signature Requirements for Security Instruments, B8-3-03, Signature Requirements for NotesB8-3-03, Signature Requirements for Notes, and B8-5-05, Requirements for Use of a Power of AttorneyB8-5-05, Requirements for Use of a Power of Attorney, for additional information. However, a power of attorney may be used to execute both the initial and final Form 1003 in any of the following circumstances:

• a borrower is on military service with the United States armed forces serving outside the United States or deployed aboard a United States vessel, as long as the power of attorney

  • expressly states an intention to secure a loan on a specific property, or

  • complies with the requirements under the VA Lender’s Handbook relating to powers of attorney for VA-insured mortgage loans,

• the attorney-in-fact or agent signs the security instrument in their personal capacity with regard to their individual ownership interest in the mortgaged property; or

• the lender determines such use is required by applicable law.

Note: The terms “loan application” and “Form 1003” generally mean the same thing in this Guide. The term “online loan application” refers to the DU user interface (or the lender’s loan origination system) where data is collected from the Form 1003, in addition to other loan data used in underwriting.

The table below provides the requirements for the loan application package.

Note: Any available technology may be used to produce copies of the documents in the loan file, such as a photocopier, facsimile machine, document scanner, or camera. Copies of documents provided by the borrower may be photos or scanned versions of the original documents and can be delivered to the lender in hardcopy or via email or other electronic means.

See Chapter A2-4: Loan Files and Records for additional information about the loan file.

The Uniform Underwriting and Transmittal Summary (Form 1008) summarizes key data from the loan application package. Lenders use this information in reaching the underwriting decision. Form 1008 (or a similar document) must be retained in the mortgage file for manually underwritten mortgage loans. Lenders may, but are not required to, retain Form 1008 for loans underwritten with DU.

For loans underwritten with DU, the final DU Underwriting Analysis Report must be retained in the mortgage file.