Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Is there a Universal Commercial Loan Application? I am a loan processor, and to my understanding, the URLA (residential 1003) is useable for both commercial and residential. An LO is saying otherwise. Do I need a dedicated commercial app. for Fannie or California DRE compliance? By RealMediaMaker Posted on 11/07/06 Total Answers 2 Answers- I too processed loans both commercial as well as residential. Most commercial lenders will accept the URLA as the initial loan application, but it really is not suited for commercial real estate. Most commercial lenders have their own forms that must be used or the loan will not be funded. There is not a universal commercial loan application used as is the URAL the name of the form tells you the primary use of the form Uniform Residential Loan Application. When I have done or need to do a commercial loan I have grown accustom to asking if their is an additional form the commercial lender use. Most will say yeah, I then ask them to fax me a copy. Fannie Mae normally don't purchase commercial real estate loans, so there is not a requirement to comply with any Fannie Mae requirements. As far as DRE compliance, most lenders will send you a complete loan application package for your clients to sign. Even though a commercial mortgage company do the loans for commercial real estate they are primarily sold to private investors. There is not one single form in use that covers all 50 states for commercial loans. Each lender will have it's own unique forms, so you will have to have a folder for that lender. A lot of the information is the same, but is on a different form, so the lender will request his own form since all his processors and investors are accustom to them. I this case the LO is correct. That happens about 1 in 10 times (From one processor to another) (Smile) I hope this has been of some use to you, good luck. "FIGHT ON" Answer by : Skip On Date 2006-11-07 17:14:19 You will still use the 1003 application in addition to the commercial application. The commercial application asks about the property, where the 1003 asks about the borrowers. Answer by : mortgage help On Date 2006-11-08 03:51:32   Go Back To Search Results