Posted by Nd_WA on 12/28/05 12:31pm
Msg #84857

FYI: Modified 1003 form

First page of the loan application now has signature lines at the top for borrower(s) to sign. Not all lenders are using this new form, but 3/5 signings I did yesterday have it.

Reply by HDW_TN37323 on 12/28/05 1:22pm
Msg #84863

On my next signing for this evening I just noticed the 1003 is also like this. It is with a west coast company. Just wondering if this is region specific or will be effective across the board every where?

Reply by PAW_Fl on 12/28/05 1:37pm
Msg #84867

A new loan application form (Fannie Mae 1003 / Freddie Mac 65) design now requires the borrowers signature at the top of page one, in addition to signatures on page 4 and 5. You can view/download a copy from my website (http://pawnotary.com) then click on the "Forms" menu option.

Reply by HDW_TN37323 on 12/28/05 1:43pm
Msg #84871

Paul,
Thanks for the link. The form in my hand is different then the one on your site. The signature lines are in the upper right hand corner, but I guess it will work since it was in with the other doc's.

How's things in FL? Might be coming your way in a few months. Have relatives in Tampa/ST. Pete/Clearwater, so make sure all the Hurricanes have left for the season.

Gone to drop doc's.

Reply by PAW_Fl on 12/28/05 1:51pm
Msg #84877

Lenders will further modify the forms as will some of the 1003 generation software programs, but will follow the 3-F rule (Form, Fit and Function) of the original designs. So you may see some slight differences in the forms, but not a whole lot.

Reply by Jenny_CA on 12/28/05 8:03pm
Msg #84932

Re: Clarification please,

It was my understanding that the borrowers would sign the top if the application is for joint credit. If there is only one borrower is he/she still signing the top?

Reply by PAW_Fl on 12/28/05 8:41pm
Msg #84936

Re: Clarification please,

That's my understanding as well. I will ask a couple of lenders and brokers about that, but the way I read the new instructions, only if there is a joint application would the borrower and co-borrower sign. If there were two borrowers, not submitting to being treated as a 'joint' application, then each borrower would submit their own 1003 and not sign the top of page 1.

Anybody else have any input on this?

Reply by Jenny_CA on 12/28/05 8:47pm
Msg #84938

Re:What a relief!

I've done two signings from a new client ( from Florida) and both times there was one borrower, therefore I had them sign and initial the usual places and left the top blank. I look forward to learning what you find out.

Reply by Blueink_CA on 12/28/05 8:49pm
Msg #84939

Re: Clarification please,

I received an Email this am. 'Please note Countrywide Home Loans has added a signature line to the right hand corner of the first page on the 1003, please be sure to obtain the additional signature line on that page to avoid any funding delays.'

Reply by PAW_Fl on 12/28/05 8:49pm
Msg #84940

Modified 1003 form required on 1/1/06 ...

and later applications. That is, if the application is filed prior to 1/1/06, then the older application may be used. But all applications submitted after 1/1/06 must be on the new forms.