Mortgage Industry to Revamp the 1003 Form... (Doubtful)
In response to a backlash of complaints from the consumer, stakeholders are about to tackle the infamous "Uniform Loan Application "commonly known as the 1003". Realtors, Lenders, Underwriters and ah yes, the missing tablemembers...Financial Advisors & CPA; have been tasked to redo the form. In a recent survey - they brought to light just a few of the missing pieces of the borrowers financial picture which have been "left out" in the current version: Family Health Insurance Premium, 529 plan contribution, 401k Contribution, Long Term Care Premium, Life Insurance Premium, Car Insurance Premium, just to name a few items: Underwriters struggle to take into account the "Unknown" - Homeownership is a dream, but soon turns into a continuing nightmare if the industry does not correct the simplest of forms..... (In my opinion)