Finance
What is the purpose of Fannie Mae's Uniform Residential Loan Application (URLA, Form 1003)?
ATo document the property's physical condition
BTo collect borrower financial, employment, and personal information needed for mortgage underwriting✓ Correct
CTo disclose the loan's interest rate and fees
DTo establish escrow account requirements
Explanation
Form 1003 (the URLA) is the standard mortgage application used by lenders to collect all necessary borrower information — income, assets, liabilities, employment history — for the underwriting process.
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