The Shape-Shifting 1003

The Uniform Residential Loan Application (URLA) form was revised in July of 2005. Many started to use the revised form immediately, but it won’t be until July of this year that the revision will completely replace the old 01/04 revision. This new version, which has otherwise seen no change in terms of data content, now requires the borrower to also sign at the top of the first page.

The revision and subsequent transition have made it a little confusing for notaries to properly execute this form.


To view the larger version, click on the thumbnail.

However, keep in mind that mortgagees may adjust the URLA formatting as they see fit in order to make the document easier to understand and fill out, or to reduce the number of pages:


To view the larger version, click on the thumbnail.

Because the document may vary, studying the form before the signing can be extremely helpful. As always, look over the form after a signing to ensure it has been filled out accordingly after the signing.

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Another concern that has arisen with the form is the variety of different instructions being given to signing agents regarding whether the co-borrower should sign the 1003. As displayed in the image, the form requires the signature of the co-borrower if he or she is applying for joint credit. However, some lenders and signing companies are asking notaries to have the co-borrower sign regardless.

To avoid confusion when dealing with this, a signing agent should contact Quality Control and advise in regard to the situation. Letting QC know that the 1003 does not apply to the co-borrower and that they will not be signing gives QC an opportunity to contact the lender to verify their specifications. It also helps during the fax-back review because it confirms that the co-borrower’s signature was not carelessly overlooked during the signing.