Chapter 1
Federal Mortgage Laws and Consumer Protection Regulations
Course: Safe Mlo Prep
Subject: Safe Mlo Prep
Chapter: Mortgage Loan Origination Activities
OVERVIEW
The Uniform Residential Loan Application — Fannie Mae Form 1003, also known as the URLA — is the standardised application form used for virtually all residential mortgage loans. Every MLO must know its sections, requirements, and the compliance obligations surrounding its completion.
- What the 1003 Covers
The URLA collects comprehensive information in the following sections:
Section 1 — Loan and Property Information: Loan purpose, property address, loan amount, occupancy type.
Section 2 — Borrower Information: Full name, date of birth, SSN, contact information, marital status, dependents, and current address.
Section 3 — Financial Information — Income: All employment history and income sources for the past 2 years — base pay, overtime, bonuses, self-employment, rental income, and other income.
Section 4 — Financial Information — Assets and Liabilities: All assets (bank accounts, investments, retirement accounts) and all liabilities (credit cards, auto loans, student loans, other mortgages).