Universal Residential Loan Application

Beginner's Questions
21

If there is ONE borrower and a spouse on the Deed, only the borrower signs. Just look at the application. If the second person is a borrower, their info will be printed in the app.

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22

The first page of 1003 at the top, should be signed only by the borrowers if two-person are applying for the loan, both need to sign the application, also, will be the same signing on the Note, if two persons appear on the Note, and on 1003, both need to sign the application at the top, and the page no 3 and 4, 5 if applicable.
But, depending on the bank, some banks request that if ONLY one is applying for the loan, the first page should be signed.
It is depending on the lender, and yes it is confusing. I always ask to sign the first page, in case the lender requires it.

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23

Look at the note to see who’s the primary borrower, the information in the URLA should only have that person(s) information. The additional person(s) only sign the mortgage (deed of trust) because they are on title.

24

Depending on what’s typed on your application. No, onlyif they are joint; but, read each time to ensure that someone or the application does not have different wording.

Safer to read, than to not have business :slight_smile:

25

Technically no (if you read the instructions you’ll see that), it is only if there are joint applicants they both sign the top of page one. But I always have solo applicant’s sign anyway because some lenders still want them to. And if they don’t, they can always reprint that first page with it left blank. I rather signers OVER SIGN than undersign! ;))

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26

Last night while I was preparing my first packet with Old Republic Title, I noticed that the Universal Residential Loan Application is bigger than usual
 I guess the new standard everybody have been mentioning aboutit. This one was about 9 pages or so.

27

It’s best to follow the lender’s instructions. Some will state sign page 1 “even if only one borrower.” Others will state only sign the top of page one if there are 2 borrowers. If they do not specify at all, I do not have only one borrower sign page one.

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28

New forms are never more clear!!

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29

Yes, some up to 14 pages.

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30

the only one that sign the top is who ever is on the application. If it is just one borrower you usually dont have them sign the top.

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31

If the wife is not a co-borrower she won’t be on it.

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32

hmmmmmmmmmmmmmmmmm what do you mean?

all these hmmmmmms are for the minimum 20 characters required to reply.

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