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What type of information is asked for in the declarations section VIII on a uniform residential loan application?

The address of the home, the number of units and the estimated home value. Whether you intend to live in the home, rent it out or use it as a second home. Whether the home can be used as both a residence and a business (mixed-use) Whether you're financing a manufactured home.

Who created Form 1003?

The 1003 mortgage application form was developed by Fannie Mae and first published in August 2016. Its Freddie Mac equivalent is Form 65. Both forms are based on the Uniform Loan Application Dataset and require the same information from consumers who are applying for residential mortgage loans.

What is a Urla in mortgage?

The Uniform Residential Loan Application (URLA) form for the mortgage industry is undergoing change for the first time in 20 years. Also known as the Freddie Mac Form 65 / Fannie Mae Form 1003, URLA is a standardized document used by borrowers to apply for loans.

What is contained in the second component of the Uniform Residential loan application?

Section 2: Financial Information - Assets and Liabilities. Include all other liabilities and expenses below. Choose from the types listed here: . . . .

What are the 6 things that make up a loan application?

The six items are the consumer's name, income and social security number (to obtain a credit report), the property's address, an estimate of property's value and the loan amount sought.

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