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[Music] hello friends hope you are doing great at your place you are safe healthy and strong today we are going to talk about the new redesigned technology new redesigned demo 3 is implement being implemented from the march 1st 2021 right so what is the difference between the new technology and the old 1003 which is being eliminated from the 1st of march 2021 and what will happen to the old application those have been signed before march so or those have been signed till 28th of the february right we are going to discuss all about and how the new 1003 which is totally uh almost redesigned and what are all changes because of this new redesign 1003 are going to take place in dulp or other aus right we are going to discuss everything in detail line by line so that we can easily understand that you know what is the changes that have been occurred in the new 1003 and where we need to focus what information we need to find at what place in the new technology like when we go to the previous or the old 1003 we had only one form and one that one form was uniform residential load application or form number 103 right that is what how we know it has only four pages and then if additional pages were required then those were being uh being added to that otherwise mostly uh four pages plus demographic uh detail or those couple of more pages those were being being added to right other than that in those four pages there were 10 to 10 sections of different information like community uh the first it was starting with the community state information then we were heading towards the section one type of mortgage and loan terms property information and purpose of loan borrower information and co-four information if you remember then section number four was employment information then it was moving towards the section number five monthly income and combined housing expenses remember then a certain liabilities total or detail of transactions dut section then declarations acknowledgement and agreement and info for the government monitoring purpose those were all the information of different sections and all the information related to these sections were disclosed disclosed you know section by section in one form and that was old 10 3 but what is the difference that is taking place now when we come to the redesign 1003 there are in almost five different documents that will be clubbed or that will be considered as a new tenure three let's see so first form will be borrower information right the second form lender loan information the third is additional borrower number four is unmarried addendum and the continuation sheet now what is the challenge that i could see in these uh you know new redesigned 1003 or people who are used to used to review the old previous for format or old previous form what they are the challenge they will be looking or they will be finding that all this information is um you know important one it could not be eliminated from the 1003 but the new technology since it has been redesigned now it has different forms whatever the forms applicable that will be the that will be the part of random3 otherwise all of the forms like if we have only one borrower right then additional borrower form need not to be included right so when it comes to importance borrower information and lender loan informations are the two pages that are these are the two forms which will be you know will be available in each loop other forms additional bar unmerited random continuation sheet will only be applied if required if there is additional borrower additional power information will be added if there are um you know borrower has declared himself or herself as unmarried they will be adding unmarried addendum and if there will be more information that need to be disclosed they are going to add in the continuation sheet so these are the different file forms that will be you know consisting all the information now that previously consisted in the in the one form right so these are the different forms and they will apply according to the scenario according to the information if needed to be disclosed okay now other than that what is the difference uh between the previous like all this information was coming section by section now what is happening in the new template form itself has been segregated has been you know separated so lender information whatever the information that was need to be needed to be disclosed in the previous legal three by the by the lender that has a different form given now all the lender information will be appearing in the lender loan information i mean lender need not to update anything in the borrower information this could be confirmed this will be this will be updated this will be filled by the borrower and because all this information has been segregated like whatever the lender information that lender only can disclose borrower does not know how to what to be you know filled so to make it to simplify the new form all these forms have been dif you know we we could say has been separated all the information has been separated into the different forms instead of the different sections right so when it comes to whenever borrower need to fill borrower need to fill only the borrower information down now the lender information will be filled in by lender by by lender on the lender loan information so these are two different forms now additional borrower so previously we could see there were two different section in one section there were two parts one was for border one was first cover now borrower is going to fill up all the information in the first form and going to write about the information who else or how many additional borrower there are in the loan only the name of the name of additional borrowers in the first form whereas additional borrower are going to fill their information in the additional bar or form so that is the different difference so let's see if we have only one bar obviously the additional bar information or form will not be included in the file right so that is uh more convenient now now the unmarried addendum previously whenever bharara was born uh was checking that unmarried bird right so now unmarried addendum has been implemented and now this in each loan whenever borrower are going to check mark on the unmarried status they also need to fill up unmarried addendums now the challenge is what i was telling you in the initially that all this information has been still available in these forms but those have taken place in different sections in different forms so like community state information is also still there but has changed the place or change the form right then the section um type and mortgage and loan terms all this information was related to most of this information was related to lender so it has gone to lender right property information and purpose of loan this has been gone to again lender information right or i mean employment monthly income all this like in when when we see in the previous 103 monthly income and housing expense were on the same section right that was section number five but now monthly income related to borrower goes to borrow information whereas the combined housing expense those goes to lender loan information so we need to see how those forms looks what all this information need to be find out in what forms so and we are also going to discuss because new 1003 is also going to change the du as well as the lb and so whenever we will be having a new 1003 that we need to review we will see that you know new du whenever we are going to run the aus new aus or aus will also be slightly changed according to all this information okay obviously if the 1003 is changing the aos also need to be changed right so that have all the changes have been already done we will start you know receiving new findings according to the new technology but now the question is what will be happening to the previous 1003 and how we are going to tackle with previous if we receive a loan that was locked or that was you know applied prior to february 28th right those must have been locked or or assigned in the previous 1003 so they will also be coming to our in our system so whenever we will be having a old application we will obviously be submitting those according to the previous 1003 and whatever the aos findings will be coming to us that will be that will keep coming to us in the old format whenever we are receiving we will be having a new file obviously the los is going to detect accordingly and they are going to give us new screen for new 1003 and that is going to happen now the old 1003 how long we can accept we are not going to accept the old 1003 if that has been signed after 28th and february but what is but if whatever the old 1003 they they have been you know signed or prior to march 1st they will still be coming to us those file could be closed and those could be closed till till the 28th of feb feb 2022 so this is the last date after 28th feb 201 2022 all 1003 will be completely eliminated even the loan which has been logged or which has been you know signed before 28 uh february 2021 even those could not be closed in the old format those need to be moved to the next for new format according to the redesigned technology right so now let's see let's open open the these forms and see where are all this information how that looks like what is the new information and you know how everything is working out okay so let's open the 1003 new technology this was the previous 10 or 3 uniform residential this 1003 was starting with the community property state and bharara was signing then the borrower i mean whether they are filing for joint credit or individually then it was starting the first section was about the type of mortgage and terms of loan second section was property information and purpose of loan all this information was related to property and purpose of information then borrower information starting at the point number three but when the new 1003 new 1003 has been you know segregated in different different uh forms previously we were receiving only one application that has four pages right and additional pages were implemented or being added whenever there was more information four pages mostly plus demographic detail right but now the new 1003 or that is then redesigned in a way but it has been you know separated in different different forms so the first form or one form is related to borrower information only in this form borrower is only going to disclose his personal or her personal information as well as income employment and you know whether other sources of employment like retirement um or whatever they are considering for to qualify for the loan so that is the only information they are going to disclose in this form it they will not be telling us what loan type is what type of loan it will only be related to borrower information borrower information what how what is their uh assets what are their incomes and then they are going to disclose about their declarations whether they had any you know they had any foreclosure bankruptcies in the in the loan or how is their liability section their asset section that is all about the borrower borrower information and now another form that is being implemented or that is the lender loan information now here we are going to see about the property and loan information whereas in the previous 1003 you remember it was starting with the loan mortgage and terms of loan and property of information and purpose of loan remember the first two things these have been now separated and now it could be located in the lender information form so property and loan information now is being being moved to the different form and that is lender loan information form here lender borrower need not to do anything with this form but lender or when i say lender means loan originator or loan officer they are going to they are going to you know update everything so all this information community property state transaction data detail refinance type no cash out cash out refinance borrower need not to worry about all this information this is now the responsibility of lender or say loan officer they are going to update this information right and then title information how the title how then the mortgage loan information that was the very first section in the previous 1003 right in the old 1003 conventional usd fh fha then terms of the loan mortgage and what this all has been given to the lender's responsibility now it's lender responsibility right how they are going to fill this information right due from borrower sales contract improvements renovations so qualifying the borrower minimum required funds too so this is the cash to close information detail of transaction remember so the when i say the old previous format right and now the new format whatever need to be about the loan or about the upcoming the information of application or about the loan that is now the lender's responsibility and lender is going to fill all that information and it is very detailed now it is not like the previous one right because in the previous format we don't had so much of you know information or space to to fill all the information and to just get more clarity more clear information now these different different forms have been implemented and now they have been segregated who is going to update what so when we we are saying borrower information borrower has only these forms and this information that is relevant that is related to borrower only that borrower is going to file our borrower is going to update now we have a different form that is lender loan information and that will be updated by the lender so let's go to the previous one and see the details of transaction dot section all this information borrow doesn't know what is going to happen what need to fill out so this has been again given to the lenders so one detail of transactions then the second is you know housing expense and the column one or the section one type of mortgage and property information these four um section right those have been moved to the lender information now here lender is respond according to the new new form lender is responsible to fill out all this information right so lender loan information right this will be updated by lender or in the lender form community property state at least one borrower the bomb property loan permission travel transactions reference cash out no cash or limited cash out or refinance programs full documentation streamlined previously this was not as detailed now even here we will get to know okay what type of whether it's a streamline loan it's an interest rate only early if you have heard right or it's a full documentations right so radio buttons are there we are going to then now the new energy improvement we used to see now in many many cases now or you must have seen this information is being uh shared now in in in the application as well previously energy improvement or energy efficiency was not a part of the 1003 right then the transaction detail conversion renovation by borrower is you know what type of uh single closing to closing we are going we we can discuss all this later but as of now i'm just showing you what different forms and what different information that has been included but if you come across any question you can still ask and then mortgage loan information that was the very first section of 1003 that is now could be located in the in the uh loan information or this lender loan information form so this is a separate form and then the due from the borrower so these are the minimum required funds to cash to close so dot section if you remember cash from or cash to borrow is going to appear in this line right so dot section minimum required funds to cash to close and then the terms of loan road first proposed monthly payment for the you remember housing payment that were appearing in previously with the income section now has been moved to this form and here we could see the proposed monthly payment right and trust what type of loans it going to be so first mortgage and subordinately in homeowner insurance supplement right no trade loan type first this is how into the lender's loan informa ion whereas in the borrower information it is going to be borrow personal information first name then alternative name if they have all those additional names they known as that need to be written here then their social security number date of birth and now u.s citizenship this information agency previously were appearing or was a part of the declaration section but now borrow is going to give it on the very first page then in in his personal information now type of credit like what type jointly they are they going to apply for the joint credit or individual if it is individual they are just going to check mark now or going to you know select the the first radio button other if they are selecting the second that means there are co borrower as well so cobar they are going to each borrowed they are going to put their initials here and their name need to be written in this form of in the previous form there was separate two columns one for borrower and copper both were providing their information but now when it comes to if there will be more borrowers in the in this if it's for the joint credit they just need to write how many borrowers are there and what are their name so number one maybe coboro and there is only one borrower additional borrower in this loan this borrower name will be written here and now there is another form that has been implemented and that is additional borrower here this is the additional borrower right and they are whenever they will be there will be signatures so like this form is only solely given for the borrower only this form will contain only the borrower information not the core border core borrower name will be written here and they need to file their own form i mean they have given their own space okay here you update all the your information right so whenever we will have additional borrower they will be filing they will be updating or providing their information to us only here loan so that information will only be considered in this form again cobar first name and if they have also known as name and their social security first name their u.s citizens and again whatever the name will be written here those will be the additional borrower or additional borrower's form will be should be there right so marital status again very easy dependence number and then their contact numbers and current address if they have current address obviously they will have current address so their current they are going to disclose their current address here right and all this information we will come to this form later let's go back to our main form borrowers okay so now if there is any name written then obviously we will have those number of additional borrowers formed with us then the marital status married separated and married if married fine separated fine but if they have checked the unmarried then there will be one more form that need to be provided and that is known as unmarried addendum so now new form if anyone is going to select the unmarried previously in the previous form they were just they were just giving us the information that okay borrower is unmarried unmarried this was the information right unmarried a borrower is unmarried they were just checking this box and then they were good now we had to make out whether they are single divorce orbital but now in the new form if they are unmarried they could be any of them single divorce widowed civil domestic partners registered reciprocal beneficiary relationship right this could be the different different they could be any of them right but now they also need to give us a unmarried addendum this this form also need to be filled out by the borrower if they are unmarried i'm not going d i'm not taking a deep dive in this form we could do that later but as of now there is one additional form that they always need to file they always need to provide us or will be a part of 1003 that is unmarried addendum whenever borrower are going to tell us that they are unmarried they need to file they need to update this form and need to provide us if you selected unmarried in section 1 is there a person who is not your legal spouse but who currently has real property rights similar to those of a legal spouse yes no if no good if yes then they need to provide more information if yes indicate the type of relationship and the state in which the relationship was formed for example indicate if you are in a civil union domestic partnership registered reciprocal beneficial relationship or other relationship recognized by the state in which you currently reside or where the property is located so it could be civil domestic they just need to tell us that they can check any of the you know whatever the applicable they can check that that kind of uh radio button and that is how we will get to know and they also [Music] give need to give us the state where which state they are currently living or what state they have that relationships or if is there any other kind of relationship they need to give us that information that is the only form it's limited information but this unmarried addendum always need to be always will be a part of whenever borrower are going to select this unmarried radio button are we are we good with till now so okay how many forms we have discussed so far one is the borrower information the second is the lender loan information third is the additional borrower and fourth is now the unmarried addendum so for i mean however it the two forms are always going to be there the first is borrower information form this form will all is is is the you know initial requirement then the initial requirement is also the lender loan information these two forms are the minimum requirement whenever we have a individual borrower right and he is married he is not an unmarried then we could have only these two forms one is the lender loan information and borrowing loan information additional forms will be the part of 1003 whenever borrower have the additional they are applying for joint credit then obviously they will have co borrowers additional borrowers with them and if they are unmarried so to form more forms will be the part of 1003 now right in on whenever you know borrower is unmarried and they have they are applying for joint credit then we will have minimum four four different forms in the file or will be the part of 1003 borrower information lender information then because they have they are filing jointly so additional borrowers form and then if they are unmarried so on married addendum so in that case minimum four four forms will be the part of 1003 that is how the 1003 is going to be completed right and if there is more information that need to be disclosed like if borrower has more information or like say if somebody has more uh income sources so one income source they written here another they written here they written here and now they need more right so if they need more if they need more then they can use the continuation sheet uniform residential in loan application continuation sheet so whatever the information they want to write here they can provide let's say if we someone has 10 investment properties and they don't have so much of space right to to add that in the first form so they can use these continuation sheet as many as they want and they can disclose their information there are we good till this yes sir great i hope that i was able to make you understand that what is the difference between the new 1003 and the old 1003 right there is lot of other information or more information that has been added to these forms like how long current address three year six month let's see and housing no primary housing expense so maybe someone is living in the current address for three years right three years but they don't have any primary housing expense when that happens whenever somebody is living with their parents remember previously we were telling that borrower was was telling that they are not living in their own house but they don't have any primary housing expense so now that has been you know option has been added here okay if somebody is living with without any expense on the current primary residence for three years then that is fine they just need to click on the no primary housing expense we will make out how they why they don't have any primary housing expense but if they are owning the primary they are going to check if they are going to they are living on rent now the best thing rent they also need to tell us the rent here only previously we had to go in the previous format if you remember if here they were checking rent rent they were just checking the rent but they were not telling us how much rent and we had to go to here in the present section here they were disclosing okay this is about my rent right but in the new form new form that is there here if they are leaving a rent tell us what is the rent now if current address for less than two years obviously they are going to tell us in the similar way years how many years they are living and again if they they they need more space i mean they are living here for only for one year and six month for there they need more space they can use the continuation sheet this sheet and they are going to tell us how much how long they are living in the other homes then mailing address if does not apply they can simply uh if apply they need to write the mailing address here then current employment address so borrow personal information till this point and now they are starting with the current employment self-employment and income if does not apply sometimes there is a possibility that borrowed is not earning but the additional borrowers are earning or it does not apply maybe they are not employed they can check mark does not apply box okay otherwise employer or business name then street city phone number unit count country that is great all the information position held for so if someone is working as a manager or the owner they can write owner start date when they started this job or this business that need to be written here for self-employed if somebody is a self-employed they are going to check check mark this box they will see later what is the meaning of these and how this going to be now gross monthly income previously we saw in the previous it has a separate section but now it is only the part of their employment information so base over time bonus commission military and other and total income is going to be reflect here now if applicable complete information for the additional so if someone has additional means somebody is working in two jobs in the previous we don't have if someone is working as a self-employed we don't have any different you know space for them to show their income but now if someone is self-employed they can tell okay this is what my monthly income or loss from this business right so previously we had to disclose their income only in in these column however it could also be disclosed in this column as now but they have a separate space as well so they can write okay someone is working as a wage earner as well as they have a business where they have more than 25 percent of stake they can write that business income here also now if applicable complete information for previous employment so this is about the previous employment similar to what so there now they they are going to give us all this when they started the previous when they ended so it has more information for us previous gross monthly income that is again a good information for us so it is going to help us then and there on the 1003 only now income from other sources if somebody has income from wage earner they have self-employed income they can give us all this that information in these column but whenever they have different information we could see what different information now see how convenient this is right for the borrower especially whenever somebody is going to file this information they can write public assistance right or they might select can select the element somebody has the housing or interest dividends they can select easily these incomes as well right so and then if needed more they can go to the continuation sheet for all that information okay so these are the different different income sources that that could be disclosed here right more more convenient for borrower as well as well as for the processor and writers or anyone who is going to review these files it's more convenient for everyone the section 2 financial information asset and liabilities are more convenient now this section asks about the things you own are worth money and that you won't consider to qualify for this loan if then ask about your liabilities that you pay each month such as credit card sale money and other expenses so best thing is that all type of you know what what could be like asset they are first disclosing the borrower is going to disclose asset from bank statements retirement and other accounts and they have the convenience of selecting everything do they do not need to write down everything they can easily select what type of no account they have like money market they can write the which bank they are going to and they have also the hint or the information already given written on the what type of accounts they can they can use for for these purpose and then they have the list to select from the whatever they they want to write and then they just need to give account number and financial institution name like money market could be with the icic right or individual development account could be with the voa so wherever they have and then account number zero zero one and maybe four five six seven eight so this is account number and cash value whatever in their market in their uh bank statement they can write it here it's more convenient now then liabilities now it's starting from the liability so credit cards other debts and lease all the information need to be written here now previously we don't had this kind of information if you remember we were just going to the column y column like here we we were just adding borrower worth just adding the information on the right side liabilities account number so that was more more manual work but now it has been automated so even the form itself has the list to select things and whether it's installment lease open 30 days revolving or other right so it's it's great great help to the borrowers as well as to the undirected or any other processes company name account name unpaid principle to be paid off it yes they can mark it yes no yes no whether it's they want to paid off or not and whatever the monthly payment so great right it's it's a great help to everyone to understand it easily what what they need to fill in or what we need to check in great okay then other liabilities could be alimony child support separate maintenance job related expense and others hopefully you know each one of them if you do not know we can discuss that later as well okay and then we just need to or borrow just need to select what type of you know other liabilities they have and the monthly income so it's a great help for them what need to fill at what station uh at what section or what form or what page number now the section number three financial information real estate we all know that this is the reu section right if you are refinancing list the property you are refinancing the first so first of all they seeing and borrower will be updating the current subject property it is a great help previously we were not knowing what is the loan we had to go to credit report but now our eu section itself is going to tell us what type of income you know previous loan existing whether that was fha va or any other credit limit if that is going to be hilock then it is going to also show us the credit limit okay now the 3b if applicable complete the information if they have more properties they could be written here similar information all the information now in the section wise or the line wise they are going to tell us and we will get lot of or mostly most most of the information 3c if applicable complete the additional property and then section 4. so 3 property could be disclosed in this form and then after if someone has more than property that need to be disclosed in real estate owned they need to disclose it in the in the additional uh additional sheets or yep additional continuation sheet okay the four type loan and property information now this is the loan in property information loan and loan amount whatever the loan amount that borrower is going to apply whether it's a purchase refinance now previously if you remember we had this property information or loan information and loan amount and we had purchased refinance construction and construction to permanent now they have given us whether we are going to purchase or refinance and if other if it's going to be not refinance or purchase but other that could be construction construction to permanent or any other they need that need to be written here now what is the subject property address that is going to appear here now it is it is moved to the third page of the 1003 or borrower information makes use of property how the occupancy going to be second home investment or primary residence right and fha secondary agents do you know what is fha secondary residence okay fha loan could be taken only one only on one property mostly on the primary residence but if somebody is going to buy a property for their children or for any you know for their dependents in that case they are allowed to take another effective loan for that property so for the secondary home then the fourth one is the fourth be other new mortgage loans on the property you are buying or refinancing income on the property you want to purchase if somebody is purchasing a property and there is they also used to you know they they want to use for the rental income from the purchase then that information need to be written gift or grants you have been given or will receive for this loan so then the declaration section everyone knows these declarations in the previous form remember then the acknowledgement agreement here borrower are going to sign the application like so borrower and additional borrowers both are going to sign this application like even we have the additional page for borrower additional borrower but they are they also need to sign this application as well right okay and then military service number seven if someone is the military service they are also going to give us the information in this form only but this was not in the previous form if you remember then demographic information that was the additional pages that were coming for the couple of last couple of years with 1003 now is being a part of the borrower information in here and how borrower loan officer collected all this information that also need to be that is also part of this form only the demographic information was provided how they provided whether face-to-face telephonic or facts and mail then there is a section nine so loan originator information to be completed to the here the loan originator loan officer our lender information is going to appear in this form and that will also be signed and dated by the loan officer and that's end of the borrower information page that is all about the new 1003 i hope that i was able to give you a good glance on the new 1003 and difference between new and old 1003 but if you still come across any questions please let me know and we can we can uh discuss together however uh maybe in the next session or in the following any of the session we will discuss animation that has been disclosed in the new 1003 i will definitely go through that information and going to share it [Music] you