Wow! 4 more days and is a whole new month. Here’s a little reminder for those of us who work with loan documents.
Notaries stay woke:) As of March 1, 2001, you should only be seeing the new redesigned 1003.
All new loans dated on or after March 1, 2021, must be submitted using the redesigned URLA through the new UI. Users may continue to use the classic DU/DO UIs for existing casefiles dated prior to March 1, 2021, until they are retired on March 1, 2022.
Knowledge is Power, Fannie Mae has created the following key points.
The new 1003 form: https://singlefamily.fanniemae.com/media/7896/display
1. One-borrower form design (no more double columns)
If there is an additional borrower on the loan, you will see the additional borrower 1003 sheet attached to it.
2. Similar look to the Loan Estimate and CD.
3. Indication that a section is not applicable. So if the section is blank, look for the box that says NOT APPLICABLE. If it’s check then the section was meant to be blank and it wasn’t just forgotten.
4. More choices for asset, liability, and income types.
1. Loan and Property Information includes Other New Mortgages, , Proposed Rental Income, and Gifts or grants.
2. Additional Borrower Information 1003 FORM. (for joint applications)
The new Form has:
1. Larger Fonts
2. More Clarity on Current and Previous Housing
3. Easier to Read and Easier to enter information
4. More Space
5. More Clarity on Multiple Borrowers
6. Additional Contact Information.
7. There is no longer confusion as to who signs on top of the 1003. Those signature lines are no longer there, however be mindful on Section 1 page 1, if the application is jointly, you need to have each borrower initial where it says TYPE OF CREDIT.
8. The borrower only signs on Section 6 of the application.
9. Section 7 is the Military Service and Section 8 is the demographic information sheet.
10. Section 9 is the loan originator information (to be completed and signed by the loan originator)