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Form 1003 -- Residential Loans Only?
by Dan Persfull, BOL Guru
Guru BIOS
Question:The Uniform Residential Loan Application should be used only on residences (construction and homes already built) and not on lot loans where building will not be going on for some time, right?
Answer: Government monitoring information should not be collected for land/lot only loans. Using the 1003 can, most probably will, result in you collecting prohibited information for that loan type.
First published on BankersOnline.com 6/06/05
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