Application

Application

In mortgage terminology, the application is the formal initiation of the mortgage process by the borrower. A standard loan application is called the Universal Residential Loan Application. It is also known as Form 1003. This 1003 provides a detailed view of the borrower's financial picture, so the lender's underwriters can evaluate whether or not the borrower is a suitable candidate for the loan. The lender assists the borrower in filling out the Form 1003.