Some (not all) of the primary US mortgage/loan application forms/disclosures are described, below. Click at the left to view or print them.  In the top section are the most important ones mandated by RESPA and/or other federal agencies, for 1-4 family home mortgages. See Note Below.  In addition to the 1003 Application, the forms that are highlighted in brown, in the descriptions below, are required to be provided to a borrower within 3 days of signing a residential mortgage application controlled by RESPA/TIL regulations.

[Note: While this website is primarily concerned with nonresidential funding, we can offer residential funding, for qualified borrowers of property in NJ or Florida, through Mega Financial Network, a licensed NJ Mtg Broker & Florida Lic. Correspondence Banker.  Contact us for details.]

The lower section has forms for construction, commercial and non-conventional funding. In general, mandated disclosures for non-residential funding are lower than for residential lending because it is assumed that the borrowers are professionals and or experienced. The disclosure policy of Quest Funding Services exceeds that which is required for non-residential funding. Thus, a Full Commercial Application does include some of the forms in the top section that other commercial brokers may not provide.

Not listed here are some other federal forms (including those for FHA/VA loans), as well as forms required by the individual states, or forms used for specialized funding or services.  Some form not listed here, such as SBA applications, will be provided to customers as the need arises.

1003 Uniform Residential Loan Application

The most common mortgage form, the URLA 1003 borrower application form, usually referred as a "ten oh three", was created for use in conventional loan applications, but is now used for FHA and VA loan applications as well. While less suited for commercial and non-traditional funding, it is still often used for those loans, if only because it is a common and standard form that provides a convenient way to record loan and borrower information. The 1003 at the left is a the type that is fillable on your computer. After being filled in, it can be printed out with the information for the borrower to sign and fax out, or send by email after scanning the signed form back into the computer.  

Acknowledgment of Receipt of Good Faith Estimate - What it says. Required to be provided to applicant for a loan covered by RESPA.

Affiliated Business Disclosure - (Not listed at the left) This discloses settlement providers that are, in some way, affiliated with the lender, broker, real estate agent, etc, even if the applicant is not required to use any of those specific providers.

ARM Booklet - A publication of the Federal Reserve Bank, this booklet is required to be provided to borrowers applying for an adjustible rate mortgage.

Borrower's Certification and Authorization - A form on which a borrowers certifies that the information that are providing to the lender is true, and where the borrower authorizes the lender to obtain a credit history and to disclose information to third parties as required as part of the application process.

ECOA - Describes some of your rights under the Equal Credit Opportunities Act.

FAIR/FACTA - Disclosure regarding fair credit reporting, which is part of other disclosure forms.

General (Federal) Disclosures - These are a number of federal disclosures that are usually lumped together onto one page. Included are the Affidavit of Occupancy, Anti-Coercion Statement and part of the Fair Credit Reporting Act. The disclosure provides a place for the borrower to declare whether the subject property is a primary residence, second home or investment property; provides a place where the borrower acknowledges that the lender did not coerce them to use a particular insurer; discloses certain borrower rights under the FCRA; and, for FHA/government mortgages, discloses that interest could be charged from the date of settlement to the end of the month and assures the borrower of their rights to financial privacy.

Good Faith Estimate (GFE) - The GFE generally contains 3 sections" First, it lists the mortgage amount, closing costs and prepaid settlement items, such as interest, taxes & insurance. Then, at the bottom, will be a summary of the transaction concluding in the money to or from the borrower. Finally, there is a breakdown of the proposed mortgage payment, sometimes including the borrower's other total non-mortgage credit debt.

Two versions of the GFE are shown, a pre-2010 version, and the current one. The new form is now rmandatory for mortgage applications controlled by RESPA law...mostly 1-4 unit owner occupied residences. The older form is still allowed and useful for other loans, such as commercial funding, etc.

HUD Settlement Costs Booklet - This is very helpful booklet from HUD that explains more than just settlement costs.  It is required to be given to borrowers of most residential loans.

MDIA (not shown) - The Mortgage Disclosure Improvement Act imposes a minimum waiting period for settlement of 7 days after the issuance of the initial application disclosures or 3 days after revised disclosures are issued. The applicant mortgage broker also must acknowledge that no fees were charged, prior to the initial disclosures, other than a reasonable fee for pulling a consumer credit report.

Patriot Act - Two pages: One explains the obligation of a borrower to provide personal documentation on the other sheet, to prove their identity, citizenship and address. Specifically, the Patriot Act requires that borrowers state and document their identity, current address and citizenship with documents such as a photo driver's license, passport, "green card", birth certificate, social security card, etc.

Privacy Act - Describes the borrower's rights to confidentiality during the application process and allows the borrower to opt out of contact from the lender after the loan settles, except for limited contact in regard to the closed loan.

Right to Receive Appraisal - As it says, this notifies the borrower that they are entitled to receive a copy of their appraisal provided they request it within90 days of when it was done.

Servicing Disclosure - Guarantees the borrower certain rights if the servicer of their loan changes, such as that the basic terms of the loan will not change and that a minimum amount of notice must be given when the servicer changes. If such notice is not given in a timely manner, the borrower cannot be considered late if a payment was sent to the previous lender/servicer.

Settlement Provider's List - A new RESPA requirement, this sheet lists the settlement provider types required by the lender. See the List, itself, for a further explanation.

(HUD1)  Settlement Sheet - Usually referred to as a "HUD-One", this is the standard sheet used by settlement attorneys and title company settlement agents. It is specifically required for loan settlements controlled by RESPA. A new version, listed here, came into effect January 1, 2010. 

Tax form 4506T - This form allows the lender to electronically obtain a transcript of the borrower's tax returns.  Lenders do not necessarily request the transcripts except when tax fraud is suspected or it is part of the quality control review of a sampling of the loans that have settled. Generally, they are most concerned that the returns were filed more than what was on the forms. Other similar forms, are the 4506 and 8821. The 4506 obtains actual copies of the actual tax returns and the 8821 returns transcript information, generally by mail. Most lenders prefer the 4506T. 

Truth In Lending (TIL) - Meant to be a means of easing the comparison of mortgages with different rates, points and fees, and to disclose the total monies to be paid over the life of a loan, this form has only succeeded in confusing almost everyone who has seen it. Even most lenders would be hard-pressed if they were asked to manually compute an APR or the loan totals shown on a TIL. 

The Annual Percentage Rate (APR) shown on the TIL would more appropriately be called the effective rate. It is NOT the rate on the mortgage note. It is an artifical number that attempts to add in the major loan fees that are considered lender fees. to the principal and interest payment as if the fees were being financed...Then work backward to determine what rate would generate a monthly payment of principal and interest on the base principal amount equal to the payment if it included in those fees in the loan's base principal amount.

General Note Regarding Mandatory RESPA Disclosure Requirements: -  RESPA law and disclosure requirements for residential mortgage applications are too complex to be detailed here. But, in general, they apply to 1-4 residential properties, especially those that will be owner-occupied or are being purchased or refinanced by a buyer in what would not be considered a commercial financing situation. The Mortgage Disclosure Improvement Act mandates a 7-day waiting period, before closing can occur, after initial disclosure and 3 days if redisclosue was required because of a change in the APR. Specific exceptions to disclosure  requirements include:

• commercial financing & commercial properties; 
• all cash transactions; 
• financing of vacant land (unless a residence will be built on it within 2 years;
• construction-only financing, which does not include take-out provisions or a permanent loan commitment/rollover); 
• prequalifications that are not considered to be applications because the specific property is not known; 
• applications that are denied within 3 days of the application (which then require that the denial be in writing, with the reason(s) stated and a notice that a free credit report must be provided if requested).