Selling Guide

Published December 16, 2020

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What information must be documented on a loan application?

Documenting the Loan Application

A loan application must be documented on the 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 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 mortgage file. See B8-2-03, Signature Requirements for Security Instruments, B8-3-03, Signature Requirements for Notes, and B8-5-05, 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, or
  • the attorney-in-fact or agent is the spouse or domestic partner of the borrower;
  • 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
  • such use is required of lender 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 that is not on the Form 1003.

For additional information, see see B1-1-01, Contents of the Application Package.

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