Completing the 1003 Form

This title is one of the many courses available in the AllRegs Education Package subscription program!

For this topic we have two main objectives. The first is to identify the information requested in each section of the mortgage application and the second is to recognize the supporting documentation needed based on the information provided in the application.

What will I learn?

Upon completion of the course, students will be able to:

  • Identify information requested in each section of the mortgage application
  • Recognize need for supporting documentation

Agenda

During the course the following topics will be covered:

  • Introduction
    • Purpose of Course
    • When and Why is a 1003 Needed?
    • The Loan Application
    • Interviewing the Applicant
    • Application Documents Checklist
    • You Will Need a Blank Application
  • Explore Sections I - IV
    • Instructions
    • Section I
      • Example – Types and Terms
    • Section II
      • Example – Purchase
      • Example – Refinance
    • Section III
      • Example – Borrower Information
    • Section IV
      • Example - Employment
  • Explore sections V & VI
    • Section V
      • Calculating Payment Shock
      • Example – Monthly Income and Combined Housing Expense
    • Section VI
      • Example – Assets and Liabilities
      • Source of Funds
      • Asset Verification – Bank Statements
      • Asset Verification – VOD
      • Asset Verification – Other
      • Real Estate Owned
      • Example – Real Estate Owned
    • Activity: Complete Section V and VI
  • Explore sections VII & VIII
    • Section VII
      • Example – Details of the Transaction
    • Section VIII
      • Example - Declarations
  • Explore Sections IX, X and the Continuation Sheet
    • Section IX
    • Section X
    • Continuation Sheet

Key Authors

Jary Martinson, Donna Bradshaw

Course Length

30-60 minutes (approximate)

How it works

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles, real world examples, and, where appropriate, video and/or audio recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. While course completion time varies per student, it will take approximately one hour to complete most courses.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

*Restrictions apply. If your staff size exceeds 250, please consider the Enterprise AllRegs Education Package.