Thanks for posting this reminder Amigoaz.
I think this is going to be a transitional form for the next 18 months. By mid-2019 there will be a whole new URLA (Uniform Residential Loan Application) aka 1003.
Just as there is a separate Demographic Addendum to the 1003 for each borrower as of now (Jan 1, 2018), there will a be separate application for each borrower in 2019.
That means more pages. Think Fannie and Freddie are trying to break us all in slowly?
There is no signature required. The line at the bottom should be populated with a printed name.
If you see a signature line or an initial line then you're dealing with a paranoid lender, and hey, they have every right to be these days.
Here's something I would like to see some feedback on (and by no means should you comment to the customer, or send extra time on):
The new addendum replaces Section X on page 4 of the 1003.
But have a look at 6) in the below link from Fannie. It clearly says that the new Addendum may be used as a replacement for Section X of the 1003. In which case Section X would be left blank, crossed, greyed out, or deleted. Ha! Well, which is it boys and girls? Well you can see my interest.
http://www.fanniemae.com/content/faq/urla-ulad-faqs.pdf
Any case, you may see the information all over the map or just see the addendum.
I use Calyx Loan Origination System and my 1003 still has Section X, but also has the new addendum available too. I'm sure the lender will dictate what they want, and that's why Calyx left it for now. Others, like Encompass I believe have crossed it out. I would like to know what you are seeing without taking any extra time out of your signings. Just curious.
By the way, please don't question what is on these forms. If a person wants to check any, all or none of the boxes ( that includes sex), they may do so. Employment applications have gone the same way. |
