Uniform Residential Loan Application (URLA) 1003 Form Explained/Walkthrough

[@MortgageEducators]

Join our study group on Facebook: facebook.com/groups/152133893322821

[@dexter2345]

Love this. Love how you talk very slow and clear. Helps me to slowly process the information. Thousands thumbs up,

[@MortgageEducators]

Andrew is great at what he does. Thanks, Sherb.

[@thatwotang]

I've been studying for my NMLS license for weeks and this made the 1003 Sooo much clearer. Thank you so much!

[@MortgageEducators]

You got it! Thank you.

[@amberkay2596]

The MLO exam was hard…I think I passed the first time because God seen how stressed I was and felt bad for me…I passed by a hair…but I passed. Just finished my CE with MEC and I used their training program when I studied for my initial license. Him and David are good at explaining this stuff.

[@MortgageEducators]

The exam is very difficult. Congrats on passing!

[@amberkay2596]

@@MortgageEducators Thanks you!

[@lisakaye3919]

Are we talking about TRID or URLA? This video is VERY CONFUSING to people just learning this stuff!!! Thank God I learned this stuff somewhere else! If you're going to talk about URLA(1003) focus on the sections and what is contained in each section. TRID is just regarding disclosures, and mostly pertains to the Loan Estimate, CHARM Booklet, Disclosures given to HELOCS and REFINANCES, and the Closing Disclosure. It also says what information on an applications triggers the need for disclosures. There are 5 key pieces of information taken on an app and then you must send the borrower disclosures.

[@kesyamana8229]

You are the best... clear and clean video..

[@MortgageEducators]

We appreciate that, Kesy.

[@norbertibarra9029]

The best delivery of these details Ive seen to date. Well done 👍🏼

[@calebmayfield4107]

Mr. Andrew makes great videos . We should see him more on CE and other courses

[@MortgageEducators]

We agree! Andrew is great!

[@moniquejackson9072]

I need more of his videos he explains everything so well

[@LivingSouthernCalifornia-714]

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[@LaszloDudas08]

Thanks for all the great information, you explained everything so thoroughly.

[@ArdelleVision]

Literally so helpful. I knew I needed to understand the 1003 loan app and this made it so easy to absorb!

[@MortgageEducators]

Glad it was helpful!

[@candyrock8766]

Love this , teacher is great very clear

[@MortgageEducators]

Andrew is a pretty great instructor.

[@lamerrab7507]

I wish I had found this school first. Man I'm going to have to pay for this course again. You break it down so clearly. Thank you for your patience 😊

[@MortgageEducators]

You're very welcome!

[@galvlor1]

It will be helpful to see what are you talking about

[@debbie6533]

Omg...outstanding....thats all i can say...Wow

[@MortgageEducators]

We love to hear that, Debbie!

[@legendaryalphaz4655]

Excellent explanation about 1003 from u sir....very helpful👍👍thank u sir...expecting about credit from ur side ..Sharada from india

[@kolkatakakalakar]

Thank you very much for this video. It helped me clear my interview

[@MortgageEducators]

That's great news, Kolkata. Thanks for sharing!

[@gerardlunow567]

Great, Studying for the test and enjoyed this. Thank you!

[@MortgageEducators]

Thanks for watching, Gerald. We appreciate it.

[@sean-2184]

You enjoy this 😮 no way😅 good for you! Order some popcorn

[@Loveyourmortgage]

Great video and explanation!

[@MortgageEducators]

Thanks for the kind words, Joshua.

[@BellyRoll2OP]

Watching this channel like gospel.

[@MortgageEducators]

Amen!

[@Realtalkwithlin]

Love MEC. Can someone tell me that which lender would more likely hire new LO

[@MortgageEducators]

Hello, we recommend joining the Mortgage Job Board: facebook.com/groups/mortgagejobboard

[@creepseekers7442]

Thank you 🙏

[@MortgageEducators]

You're welcome!

[@evaarbo5456]

Thank you so much 🙏 Is TRiD same as 1003 form? And when you said we should submit the appraisal form is it included in 1003 form or separate ? 🙏🙏

[@delt19]

No to both. The 1003 is the loan application a consumer fills out when applying for a mortgage loan. TRID, or the Tila Respa Integrated Disclosure, as the name implies, intergrated certain disclosures from TILA (Truth in Lending Act) and RESPA (Real Estate Settlement Procedures Act) into a few forms. These disclosures are required by law to be provided to a consumer on a seperate form. The Appraisal is developed by a state certified appraiser (or a computer software, or a non certified individual depending on the loan amount) and is separate from the loan application. Note that I'm using the term appraisal as a catch all term to include other opinions of value that can be used when making a loan decision.

[@evaarbo5456]

@@delt19 thank you so much 👍🙏 One more question please, when to use TRID and when to use TILA or RESPA alone?

[@delt19]

@@evaarbo5456 not sure I understand your question. If you have a specific scenario in mind it might be best to discuss over email or some other app.

[@evaarbo5456]

@@delt19 sorry my question is can TRID replace TILA and RESPA?

[@delt19]

@@evaarbo5456 I still don't understand what exactly you mean by replace but the short answer is that you may be misunderstanding the purpose of TRID. I would recommend visiting the CFPBs website and reading their information on TRID. You (as a creditor) do not have the option to pick one over the other. Meaning you can't say I'm going to use TRID for one transaction and TILA for another. You HAVE to issue a loan estimate and closing disclosure that's compliant with TRID.

[@robertduffy5805]

@ 40:05 hahaha, you missed an edit. Still good though...

[@MortgageEducators]

Thanks, Robert. We're just keeping you on your toes.

[@eguerro3485]

What makes the exam so difficult is that all the questions are scenario based if questions were based off of info we would all do great but it’s they give you questions that the scenario requires outside education from realestate it’s so stupid

[@MortgageEducators]

Students who use our Ultimate Test Prep pass at an extraordinary rate. We also offer individual tutoring and coaching. The scenarios shouldn't be a problem if one understands the terminology. It's really a matter of taking legalese and finding ways those words and concepts make sense in your mind.

[@annakrona170]

Which text book specifically are you referring to?

[@MortgageEducators]

Hi Anna, it's our 20 hour textbook. Here is the link: mortgageeducators.com/component/virtuemart/safe-20-hour-textbook-detail?Itemid=417

[@samuelwhesu3204]

The Likely question from 1003 alone is more than 200

[@hellogoodbye3898]

Was this part of test? Anyone?

[@MortgageEducators]

Although no one knows the exact questions given on the test, the 1003 is mentioned in the NMLS Test Outline. You can read more by following this link. nmlsportal.csbs.org/csm?id=kb_article_view&sysparm_article=6792&sys_kb_id=bb0314f0db3d37008410388d7c9619ea

[@rickyrichy5496]

I’d love to buy your videos for me to study.

[@MortgageEducators]

We recommend looking into our Ultimate test prep package. It comes with a lot of video content. mortgageeducators.com/component/virtuemart/test-prep-ultimate-nmls-national-test-preparation-package-detail?Itemid=417

[@jennn2066]

Why does the instructor reminds me of Saw from Breaking Bad lol

[@MortgageEducators]

We're not sure, but you BETTER CALL us when you're ready to get started, Jennifer.

[@manlyminimalist2256]

1003 is key

[@MortgageEducators]

Major key!

[@patriotarmament7407]

I paid for this expensive program. Follow all the study guides and watched all the videos. Studied hard and aced the practice exams. And today I took the main exam and there was no familiarity what so ever. Totally failed the exam. It didn’t work for me at all. There was no common ground at all from this training program and the actual exam. I feel duped.

[@MortgageEducators]

We're sorry to hear that you feel like our courses and study programs did not provide you with the information to pass the NMLS exam. We pride ourselves on offering quality education for MLO's and are sad to hear that you had a less than stellar experience. We do offer multiple study programs, such as our Ultimate Test Prep (Includes our Test Reimbursement Guarantee), Test Prep Webinars, as well as a Facebook study group. If you would like to reach out to us and learn a little more about these options and their benefits, please call our support line: 877-403-1428 or email us at [e-mail].

[@N3MOPLAYS]

Forreal, plus a lot of these videos aren’t up to date/poorly explained. Real Estate Trainers have a much better way on talking about what’s on the test and the best way to study.

[@cjPagan87]

Most of the stuff all these courses teach are not on the exam. The exam is rigged. A whole bunch of questions that make no sense so you fail.

[@kevinhill24]

I have found bias and prejudice in the loan application for folks of color but the bias and prejudice attitude by the banker or agent with nice nasty/ slick expression where the person from the bank question but insult or neglect the borrower do you understand, did you come what is require, do you have enough money ECT slick but yet fiesty/perky attitude seen as serious and professional but really dismissive and judgemental. Can you do a video on the bias and judgemental/hostile approach taken by an loan agent or banker toward one or those of color.

[@MortgageEducators]

This is a great topic Kevin. We don't support any form of discrimination practices at MEC. We'll be sure to send your comment up to the content team.