What is a Form 1003?

A form 1003 is an application form used by a lender to record and gather information from a mortgage applicant.  The form can be completed by hand as traditional application form, or be completed over the telephone or online on the internet.  The information that is gathered is used to process the loan application and provide the applicants consent to the various checks and enquiries that will be carried out.

The information that will be gathered will include personal data such as name, date of birth and home and contact information.  In addition, employment and income information will be collected and used to establish whether the loan is affordable for the applicants.  The application form will also go into considerable detail about the general financial circumstances of the applicants including their savings and liabilities as well as a detailed household expenditure analysis.

In addition to the information that is gathered upon the applicants, the property that is to be subject to the mortgage will also be gathered.  Information on the property will include the address of the property, sales price and details of the transaction together with the loan required by the applicant.  The application may also be used for refinancing a home as well as buying one.

Depending on who is using the form to process a loan, there may also be provision within the form for the applicant to receive a copy of the property appraisal and other matters in connection with the lender’s enquiries.  There will also be ancillary notifications concerning the collection of information from the form by the US government and other official monitoring purposes.

Finally, the form contains declarations by the applicants who will be required to sign that the statements and information they are providing is truthful and correct and the interviewer who completes the form must also make certain declarations and provide information about themselves in their official capacity.