Asked by: Zohair Martinez Alcocer
business and finance bankruptcy

What does property status's PS R mean?

Last Updated: 10th April, 2021

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Property StatusS = Sold, PS = Pending Sale, R = Rental Property If the property doesn't fall into any of these categories, i.e. a primary residence that is remaining a primary residence, nothing needs to be selected.

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Moreover, how did you hold title S sp o?

(1) What type of property did you own—principal residence (PR), second home (SH) or investment property (IP)? (2) How did you hold title to the home— by yourself (S), jointly with your spouse (SP), or jointly with another person (O)?

Furthermore, is the loan officer required to sign the final 1003? All borrowers applying for the mortgage and assuming responsibility for the debt must sign Fannie Mae Form 1003, Uniform Residential Loan Application (URLA), and all addenda. Either the initial loan application or the final, if one is used, must contain the signatures of all borrowers.

Also know, what is the 1003?

Form 1003 is the standard form completed by borrowers when applying for a mortgage loan. Also known as the Uniform Residential Loan Application, the document was developed by Fannie Mae. A borrower lists all assets and liabilities on the form when attempting to secure a mortgage loan.

Are the assets and liabilities completed jointly?

Completed Jointly or Not Jointly: Indicate how the Borrower's and Co-Borrower's Assets and Liabilities section will be completed. If the Borrower and Co-Borrower have different banks, credit cards, loans, real estate owned, the Co-Borrower will need to complete a separate Financial Statement.

Related Question Answers

Hidaya Klein

Explainer

What is a Uniform Residential Loan Application?

The Uniform Residential Loan Application, also known as a Fannie Mae Form 1003 or just a 1003 form, is a standard form that contains all the information necessary for a lender to establish the risk profile of a borrower.

Deyanira Knochenhauer

Explainer

What does it mean to be obligated on a loan?

Loan Obligations means the aggregate of all principal and interest owing from time to time under the Note and all expenses, charges and other amounts from time to time owing under the Note, this Agreement or the other Loan Documents and all covenants, agreements and other obligations from time to time owing to, or for

Onofre Pallett

Explainer

What is years of school on loan application?

This section of the loan application will require you to provide personal details about yourself as well as any person cosigning with you on your loan application. Years of education gets a mention. If you graduated from high school you have 12 years of schooling. 2 to 4 years of college education can be added to that.

Jaouad Masegosa

Pundit

What does have you had an ownership interest in a property in the last three years mean?

When you purchase or otherwise come into ownership of real estate such as a house, you gain an ownership interest in it. For example, if you and several friends purchase a piece of real estate, each of you will hold an ownership interest in it.

Eukeni Lugli

Pundit

What is a 1004?

FHA Single Family Residential Appraisal (1004)
Form: URAR, FNMA Form 1004. Purpose: The FHA Single Family Residential Appraisal is used to estimate the market value of the subject property as defined in the Uniform Standard of Professional Appraisal Practice (USPAP).

Fatumata Padva

Pundit

What is a 1008?

A 1008 is a form used by underwriters it's also called the transmittal summary. The summary generally have the borrowers information, the property information, and the mortgage information.

Marley Milind

Pundit

What is the final printed version of the loan application?

The final, printed version of the loan application is called the unfirom residential loan application or the 1004 mortage application form. This application is a five page application that the lender helps the borrower(s) fill out before making the purchase offical.

Surjit De Molina

Pundit

What is the earliest date that the revised Urla form may be used?

Fannie Mae and Freddie Mac released to the public their redesigned Uniform Residential Loan Application (aka Form 1003) ("URLA") on August 23, 2016. This is the first redesign by the GSEs of the URLA in over 20 years.

Ema Folliot

Teacher

Does a loan application have to be signed?

It is a normal bank POLICY to require applications be signed. It can also be an audit exception on internal loan reviews.

Regiane Ercila

Teacher

What is a residential loan?

Residential home loans are home loans that exist for residential purposes as opposed to commercial gain and are available to those who are buying their own home, purchasing a block of land or building a home to live in.

Aissa Oranci

Teacher

Does the initial 1003 need to be signed?

The initial 1003 may be completed by the borrower or by the loan originator on behalf of the borrower. However, the initial Form 1003 should be signed by each borrower. For applications taken through the Internet, the lender may obtain an electronic signature or send a printed copy to the borrower for signature.

Kuldip Eckmanns

Teacher

How does Fannie Mae calculate rental income?

Lease Agreements or Form 1007 or Form 1025. When current lease agreements or market rents reported on Form 1007 or Form 1025 are used, the lender must calculate the rental income by multiplying the gross monthly rent(s) by 75%. (This is referred to as “Monthly Market Rent” on the Form 1007.)