The Uniform Residential Loan Application (URLA), also known as Form 1003, is a standardized form used by lenders to collect information from borrowers when applying for a mortgage. The form covers a wide range of topics, including borrower's personal information, income, assets, debt, and property information. The lender will use the information on the form to assess the borrower's creditworthiness and determine whether to approve the loan.
The URLA Form 1003 is important because it helps lenders assess a borrower’s creditworthiness and make an informed decision about whether to approve a loan application. Form 1003 is used throughout the entire lending process, from origination through approval.