US Mortgage Forms Analysis

The mortgage lending process involves extensive documentation that requires careful processing and data extraction. With AI-powered document processing, CPAs and financial institutions can automatically extract critical information from common mortgage forms, streamlining the underwriting process and reducing processing time. Here is a list of US mortgage documents we support out-of-the-box that can be fully automated.

Form 1003 - Uniform Residential Loan Application (URLA)

The Form 1003 is the standard mortgage application form used by lenders to collect comprehensive borrower information for residential loan applications.

Key Data Points for Extraction:

• Borrower Information: Names, SSNs, date of birth, marital status, dependents
• Contact Details: Current and previous addresses, phone numbers, email addresses
• Employment History: Current and previous employers, job titles, employment dates, income details
• Financial Information: Assets, liabilities, monthly income, monthly expenses
• Property Information: Subject property address, intended occupancy, property type
• Loan Details: Loan amount, loan purpose, property value, down payment source
• Declarations: Bankruptcy history, foreclosure history, lawsuits, loan defaults
• Demographics: Ethnicity, race, sex (for HMDA reporting purposes)

Form 1004 - Uniform Residential Appraisal Report (URAR)

The Form 1004 is the standard appraisal form used to determine the market value of single-family residential properties.

Key Data Points for Extraction:

• Property Identification: Address, legal description, assessor's parcel number
• Property Characteristics: Year built, gross living area, room count, bathroom count
• Site Information: Site size, topography, utilities, street improvements
• Construction Details: Foundation type, exterior walls, roof surface, heating/cooling systems
• Interior Features: Flooring types, kitchen equipment, attic, basement, garage/carport
• Condition Ratings: Overall condition, quality of construction, functional utility
• Market Analysis: Neighborhood characteristics, market conditions, price trends
• Comparable Sales: Address, sale price, date of sale, adjustments made
• Final Value Opinion: Appraised value, effective date of appraisal
• Appraiser Information: Name, license number, signature, certification date

Form 1005 - Verification of Employment (VOE)

The Form 1005 is used to verify a borrower's employment status, income, and employment history directly with their employer.

Key Data Points for Extraction:

• Employer Information: Company name, address, phone number, HR contact details
• Employee Information: Employee name, SSN, job title, department
• Employment Details: Date of hire, employment status (full-time/part-time), probability of continued employment
• Income Information: Base salary/hourly wage, overtime earnings, bonuses, commissions
• Pay Frequency: Weekly, bi-weekly, monthly, annual compensation structure
• Year-to-Date Earnings: Current year earnings, previous year earnings
• Benefits Information: Health insurance, retirement contributions, other benefits
• Verification Date: Date form was completed and signed by employer
• Authorized Signature: HR representative name, title, signature, date

Form 1008 - Uniform Underwriting and Transmittal Summary (UUTS)

The Form 1008 provides a comprehensive summary of the loan file and underwriting decision for mortgage transactions.

Key Data Points for Extraction:

• Loan Information: Loan number, loan amount, interest rate, loan term, loan-to-value ratio
• Borrower Summary: Primary borrower name, co-borrower information, credit scores
• Property Details: Property address, property type, occupancy type, appraised value
• Income Analysis: Gross monthly income, debt-to-income ratios, employment verification status
• Asset Verification: Liquid assets, gift funds, down payment source verification
• Credit Analysis: Credit history summary, derogatory credit items, explanations provided
• Underwriting Decision: Approval status, conditions, stipulations, risk assessment
• Compliance Items: HMDA data, fair lending considerations, regulatory requirements
• Loan Program: Conventional, FHA, VA, USDA, or other loan program details
• Underwriter Information: Underwriter name, signature, approval date, delegated authority