Loan applicants must complete a mortgage loan application and provide documentation to show the veracity of the information provided in the application. In order to complete an application, it is also necessary to obtain documentation on the value of the property used to secure the loan.
The 1003 contains an Acknowledgement and Agreement section which includes the borrower’s (and co-borrower’s) signature. This section is where the borrower is attesting to the truthfulness of the information contained in the application. While honest mistakes can always be corrected, it is important that all parties involved in a loan transaction understands the importance of truthfulness and accuracy in completing the loan application.