1003 Loan Application - Page 1

View the "Processing Piggyback HELOC Loans" Quick Reference Guide

Use the 1003 Loan Application for conventional, FHA, and VA loans. The form is typically completed after the Borrower Summary form. Using links from within the application, you can create and update verification forms and order and view credit reports.

To shortcut the entry of address information, type the ZIP Code first. The City, State, and County fields will automatically be filled.

Heading Fields

  1. On the top of Page 1, select one or both of the checkboxes to indicate if the borrower will use other sources of income to qualify for the loan.

  2. Type an Agency Case No if this is a government loan.

  3. If needed, type a unique Lender Case No to track the loan. (This value is different from the Loan Number.)

Section I. Types of Mortgage and Terms of Loan

  1. Make three selections to define the type of mortgage: Loan Type, Lien Position, and Amortization Type.

    • For example: Conventional, First, and Fixed Rate.

  2. Complete the loan terms fields.

    • Total Loan Amt (total loan amount) and Monthly Pmt (monthly payment) are calculated fields. If you want to type a value in the Monthly Pmt field, click the Lock icon.

Section II. Property Information and Purpose of Loan

  1. Type the Subject Property information and Legal Description. Obtain the Legal Description from the Title Report.

  2. Select a loan purpose.

    • If you select one of the construction loan options, complete the Construction Loan section. For more information on construction loans, refer to the Process a Construction Loan topic

    • If you select one of the refinance loan options, complete the Refinance Loan section.

  3. Complete the Property will be, Title will be held, and Estate will be held in sections.

  4. Select a Source of Down Payment.

    • If you click Other Type of Down Payment, type a description in the space provided.

Section III. Borrower Information

  1. Complete the borrower information, including the Present Address, Mailing Address, and Previous Address sections.

    • To add additional addresses, click Show All (VOR) to open the Verification of Residence form.

  2. Complete the co-borrower information.

    • To copy information from the Borrower section, click Copy from Borrower. You can edit the copied information if needed.

Section IV. Employment Information

  1. Complete the borrower's and co-borrower's employment information.

    • To add an employer from the Verification category of your business contacts, right-click any of the employer name and address fields. You can also type a name and then right-click to create a new contact in your business contacts.

    • To add previous employers, click Show All (VOE) to open the Verification of Employment form.

See Also

Subordinate Mortgage Loan Amounts