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Mortgage 101 the Value of the 1003


When I first thought about doing the Mortgage 101,
I would talk myself out of making posts just because I felt like
everyone knows that. Now there has been multiple occasions that I have
found myself explaining the 1003,
or as we call it in the mortgage world, a Uniform Residential Loan
Application. My Goal is to make it easier for the average consumer. You
see the 1003 is a road map of the customer and it gives the loan officer
all the pertinent information to help the customer to get a mortgage
loan. When I first started as a loan officer I would call customers and
fill out the 1003 on the phone and mail it to the customer to sign.
Although after I started doing commercial loans it changed everything.
Although with a Commercial Loan the 1003 covers 80% of the information
needed, we also need 2 years tax returns, a profit and loss statement
and a Executive Summary, depending on what type of project it
is.Investment loans are more labor intense because of the amount of
paper work involved.

information about the Uniform Residential Loan Application and I found
out maybe everyone does not know that!… My rational was wanting to
break down sections of

 The property Information and Purpose of loan is important
because it tells where the property is located and a legal description
and year it was built. .  The 1003 has tells the Lender if its a
purchase or refinance. When you bought it and what you bought it for. It
also tells how the property will be titled and how the title will be
held.

 

BORROWER INFORMATION tells who you are lending to and where they
are employed and how long they have been with that company. Now this is a
important piece of information, you must show a 2 years of residency.
You must also show that you have a work history of 2 years in the same
field.
The first page of the 1003
is the most intense because of the amount of information that is needed
. I always believe it better to give to much information than not
enough. The more time spent chasing information the less likely that you
are going to have a fast and speedy closing.
Monthly income always seems to be a walk in the park for most people.
Although that Asset and Liabilities section where most customer tend to
leave off.

 

So after you filled out 2 or 3 of these 1003 it becomes easy, plus now you have a place that you can refer your customer so that it can help them.
This is really a start and I am feeling out my readers to see if they
would like me to continue more information on my site. I have been in
the mortgage industry since 2002. Most of my knowledge is from trial by
fire. So I learned the business, so I could be in business


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