Old 1003 was typically four pages for two borrowers, grew to six with the addition of Demographic Information pages a couple–three years ago. Today I get one that is FOURTEEN PAGES LONG–to accomplish the very same thing–getting someone a loan–that used to be done with six.
Priceless.
Progress! (where’s the sarcasm font when you need it…)
All 1003s won’t be fourteen pages long. Each lender can create their own format of the 1003 with as many pages as they’d like. They can do that with just about all docs, with the exception of a few of them. I was in Mortgage Operations for over fifteen years and have seen every loan document format change time and time again. It’s the nature of the mortgage business. Things change every single day and it will always be that way.
Hi everyone, I an new to Notary Cafe. This a bit off topic from your discussion, but I was trying to post and there was no button to post my questions. Also, I have been working on my profile for hours and still not getting it to 100%, Its at 92%. Does anyone have any advise .
Actually, the typical1003 we’ve used has been in place as it is for MANY years, and did a fine job with four simple pages. Separate demographic pages were only added a few years ago, but accomplished nothing except add more special interest categories. What purpose or goal there was or is in completely changing the format of that document to this new oversized abomination I do not know, nor how it will make it easier for borrowers to apply for a mortgage–it won’t.
And that is my point.
Hi Tfund1108 - if you do a search here (magnifying glass up above to the right) for “profile”, topic may pop up as someone recently asked this questions;
As for starting a new topic, you said you’re new to Notary Cafe so, go to general Forums page, find the topic where your question would fit, and in that section off to the right there’s a spot to click on “New Topic” - that’s how you post a new question in a specific topic. From the General Home page of the forums there’s also a spot to add a new heading.
Hope this helps.
Craziness! 50/50 some companies using new 1003 and others using old 1003. Some companies edit 1003 and put their name at the top and want each page initialed at the bottom. Wonder if any and all of these are legal??
Such a waste of time and print. it is truly ridiculous.
So glad the Paperwork Reduction Act was passed many years ago; aren’t you??? I bet nobody understood 16 pages would be a reduction from 4 pages. Hmmm.
I have no clue what the heck they were thinking. Looks like Chinese to me. I have been reading the old 1003 for 40 years! How can this be an improvement? LOL
What? You didn’t know? This new and improved form will shave 10 weeks off the time it takes to get a loan approved!
I’m a mortgage processor dealing with this on the other end. There is a letter size version and a legal size version so 1st of all that will make a difference in number of pages. The lender can decide which one they want to use. Next - how many pages also depends on the amount of info included. Number of jobs, number of asset accounts, debts, etc if there are several of any of those, it will all contribute to number of pages. If you think it’s bad at the signing just imagine the LO’s and processors like me needing to navigate it while working the file.
The new 1003 is required on applications taken after March 1, 2021-our compliance team takes care of it so I didn’t need to worry about the exact date. You’re going to continue seeing the old 1003 for awhile because any applications taken prior to the date were still on the old 1003. As I’ve mentioned on other posts, I’m a mortgage processor as well as a signing agent so I have the inside scoop.
Actually for anyone who would like to become educated here is this, (link below) somewhat helpful info. The documents you see at a signing are only a piece of the puzzle. On the front end, the lender / loan officer is entering information into a system (in my company we use Encompass). That information is entered into the application format and then the automated underwriting system is run (Fannie DU or Freddie LP). Information needed to make an approval decision on a loan changes constantly with guideline updates, etc. The info needs to be in a format that the automated Underwriting (AUS) system can read so this is why you are seeing the new application the way it is. It’s both interesting and a bit frustrating to see signing agents having an uniformed opinion about a document.
https://singlefamily.fanniemae.com/delivering/uniform-mortgage-data-program/uniform-residential-loan-application
Thank you for educating the masses. I download some items to my personal folder CSA Resource Information. So far Signers have really disliked new 1003 but they have been 8.5x11 size. Would like to see legal size print ~ Signers always think less pages are better (maybe). Onward and forward. 
Could this be a contributing factor in the recent slow down some of us are experiencing as loan processing is taking a bit longer and the lenders are adapting?
I figured it would slow the loan officers down because it is quite extensive now. The 1003 is entered as Parts now instead of pages and each part contains different fields. With that being said our business has begun to steadily increase this month so I don’t think it’s the 1003. We are seeing many more purchases and fewer Refis right now. The majority of refinances are cash out refis - everyone else it seems has a low rate and no need to refi after this past year full of low rates. There are so many homeowners out there with rates < 3% so refinancing isn’t going to make sense for most unless they need to cash out their equity for some reason.
Really appreciate the info, iverson. At first glance, looks like the minimum # of pages for a single borrower is 7 (double that if married/joint). Haven’t counted the expansions possible, but could get rather lengthy! The cynic in me is wondering how various Lenders are going to interpret the name field at the bottom of every page because so many wanted the top of the OLD 1003 signed–even tho’ a single borrower, theoretically, should NOT sign. (Aware of only1 Lender who did not want a single B signing the top) Same split with the demographic page.
Sooo…now wondering what various lenders are going to ‘think/expect’ for each page where the B’s name appears at the bottom. Hope they realize this ‘name field’ does not require a signature, BUT past experience says most will want signatures/one won’t. Prediction: new training videos in process and/or another ‘instruction sheet’ added to package.
This makes sense. Thank you for sharing.
Regardless of the reasons why this document needed such an extensive makeover, the fact remains that this did nothing to make this process easier and/or faster for the borrowers. I’d venture a guess that many notaries really don’t care about the reasons, either, and have no wish or need to be “educated”–snide comment above totally not necessary. We are there to get signatures, and then move on to the next one.
