Form 1005, also known as the Mortgage Loan Application and Underwriting Exchange (MLAUE), is a document that is used in the mortgage lending process. It is completed by various parties involved in the mortgage application process. Here's a breakdown of who should complete Form 1005:
1. Mortgage Loan Applicants: The primary individuals who should complete Form 1005 are the borrowers or mortgage loan applicants. This form requires detailed information about their employment, income, assets, debts, and other financial aspects. The applicants need to accurately provide this information to ensure their mortgage application is properly evaluated and assessed.
2. Employers: One section of Form 1005 requires employment and income verification. To complete this section, the applicants' employers must provide details such as the name of the business, the address, the position/title of the borrower, the dates of employment, and the amount of income earned. The employer's signature or official stamp may also be required to validate the information provided.
3. Mortgage Brokers/Lenders: Mortgage brokers or lenders play a crucial role in the mortgage loan process. They typically assist borrowers in completing the necessary forms, including Form 1005. Mortgage brokers/lenders should review the form for accuracy, ensure all relevant sections are completed, and guide borrowers through the process.
4. Underwriters: Underwriters are responsible for assessing the risk associated with issuing a mortgage loan. They review all documentation provided, including Form 1005, to determine the borrower's creditworthiness and ability to repay the loan. Underwriters rely on the accurate completion of this form to make informed decisions during the loan approval process.
5. Loan Officers: Loan officers typically work closely with borrowers to gather all required documentation, including Form 1005. They assist borrowers in completing the form accurately, ensuring that all necessary information is provided. Loan officers act as intermediaries between the borrowers and underwriters, and they play a key role in the mortgage application process.
In summary, Form 1005 should be completed by mortgage loan applicants, their employers, mortgage brokers/lenders, underwriters, and loan officers. Accurate completion of this form is essential for evaluating and determining the borrower's eligibility for a mortgage loan.