Resources > Glossary > Universal Residential Loan Application

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

0-9  A  B  C  D  E  F  G  H  I  J  K  L  M  N  O  P  Q  R  S  T  [U]  V  W  X  Y  Z  
Common Terms 1   Common Terms 2

Universal Residential Loan Application

this document is used to apply for a mortgage and to provide information regarding a prospective mortgagor and the proposed security. It is common to have errors regarding the borrower's personal information on this document due to carelessness on the part of many lenders.

More information on the the Uniform Residential Loan Application, 1003. This form can be irritating because it often contains incorrect information about how old people are, where they work, how much they are borrowing, etc. Some borrowers insist on making changes to the 1003 because they are offended that the lender, for example, believes that they were born on 1-01-95 and have 3 months experience at their job when they are sixty years old and have 20 years experience. However: the information on the 1003 is not final. For final numbers, see the Note, Deed of Trust, Truth in Lending (TIL) and Settlement Statement. Loan amounts are often misquoted by several thousand dollars in the 1003. Refer them to one of the "Final" documents like the note if they are concerned. . If the borrower remains upset, just have them write down each mistake on a piece of paper and have them talk to the lender on the following day.

Backdating. Sometimes the 1003 is backdated or the lender will leave instructions not to date it at all. Why? Because the borrower, most likely, has submitted a more user-friendly form to the borrower, of which contains the same information that the 1003 does. At a closing you are often pretending that you are signing the 1003 when the borrower filled out the user-friendly application several weeks prior to the signing. As a Notary, just don't backdate Notary documents. But don't worry, this one is not a Notary document, and you aren't backdating, the borrower is.

Signing and initialing. There are different formats for this document. Many of the pages have one-centimeter initial lines in the bottom right corner. Keep your eyes open, as the different formats of this document have different arrangements. On some variations of this document, one of the pages is blank for the most part. Sometimes, you will need to have the borrower initial and sign the same page (which seems strange). Sometimes the initial lines aren't easy to see. Sometimes you initial on top. Just make sure to check the document through and through. If you are not sure if a document needs an initial, it is generally a good idea to have the borrowers initial it. When in doubt, initial.

Definition 1:
A document which is often many pages long, commonly referred to as "The 1003". It is used to apply for a mortgage and to provide information regarding a prospective mortgagor and the proposed security.