#ThursdaysThoughts – New 1003 Week! Today we wrap up the 1003 breakdown we’ve been doing all week and tomorrow I will do a compare contrast and point out the highlights I believe everyone should pay attention too. This has been great breaking it down each day to help LO’s understand the new 1003.
Section 5 is the declaration question section, and is basically all brand new. The current 1003 has 10 questions, the new one has 16! Comparing the two, there’s 3 question on the current dec section that are not even asked, because they are asked elsewhere on the 1003, and then the new 1003 has 9 new questions a LO must ask. This section is broken down into two, 5a, and 5b. About this property and your money for this loan, and about your finances.
And Section 5b ↓
Section 6 is all about the legal acknowledgements and agreements with doing a home loan. It breaks down 6 areas of legal verbiage for the client to sign off on. AND there is two signature lines on the primary borrower’s 1003! (Tomorrow I go over this)
Next up on the 1003 is the very familiar Demographic information page section 7. This is identical to what we have now on the current 1003, I see no evident changes.
The last section of the 1003 is section 8. The Loan Origination information section. And this contains all the same information as on the current 1003 just the the order of which it is portrayed has changed. The company is now first, versus the LO information.
And of course on the last page of the 1003, the borrower’s name goes on the bottom left that coincides with the 1003 of that borrower. I like the flow overall, and there are some new sections, new questions and better information gathered as a whole on this new 1003. I think it takes a lot of the “holes” on the existing 1003 and makes it stand out as questions on the new one. KNOW YOUR CRAFT inside and out. This is a major change and I believe most LO’s are just now starting to take a look at this new one.
Now it’s time to get more loans! #GetOnPoint with #BluePointMtg!
As Always –