The Uniform Residential Loan Application (URLA), also referred to as the 1003 Mortgage Application, is the industry standard form used by nearly all mortgage lenders in the United States. This basic form must be completed by a borrower to apply for a mortgage. While some lenders may use alternative forms or simply accept basic borrower information about their identity, property type and value, the vast majority of lenders rely on the 1003 form.
The URLA was developed by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Company (Freddie Mac) as a standardized form for the industry. Mortgages need to documented according to Fannie and Freddie’s standards since both entities require the use of Form 1003, or Form 65, its Freddie Mac equivalent, for any mortgage they consider for purchase. It is simpler for lenders to use the appropriate form at the outset than to try to transfer information from a proprietary form to a 1003 when it comes time to sell the mortgage.
According to the current schedule, which was recently revised for the COVID-19 Pandemic, acceptance of the forms by Fannie Mae and Freddie Mac will begin on January 1, 2021 and use of the new forms will be mandatory on March 1, 2021. The current version of the URLA will no longer be accepted on or after March 1, 2022.
The Uniform Residential Loan Application Director/Senior Management Update (DSMU) provides a brief report for your board and senior management which includes a summary of the issue, effective dates, necessary actions, and initial risk assessment.