New Veteran-Friendly Mortgage Loan Application
By guest blogger George “G-II” Varrato, CRMS, USAF Retired
As Arizona State Director for the Veterans Association of Real Estate Professionals (VAREP), I am very proud to announce that a new, improved and veteran-friendly Uniform Residential Loan Application (URLA) will be released for use nationwide to all real estate mortgage lenders in early 2018.
Since the creation of the VA Loan back in 1944, when the G.I. Bill of Rights was signed into law by President Franklin D. Roosevelt, lenders have never been required to ask the applicant if he or she is a veteran.
The sad reality of this missing application component is that more than 75-percent of all veterans who were eligible to use their VA Loan Benefit were never given the opportunity to explore this incredible loan option.
Every loan applicant will soon be asked about whether they served in our Armed Forces. By requiring mortgage loan officers to ask this of ALL loan applicants, every veteran or active duty service member will be prompted to explore the benefits of the VA Loan. VAREP was the main driver of this addition to the application.
Those of us who have served and protected this great nation by wearing a U.S. military uniform, have earned the right to VA Loan benefits. Sadly, veterans are not always reminded by their lender that this is a superior loan option for nearly every owner-occupant real estate purchase transaction.
The new and improved Uniform Residential Loan Application (Freddie Mac Form 65|Fannie Mae Form 1003) was last revised in August 2016 and will become effective in January 2018. Take a look at Page 1.
Fannie Mae Form 1003, Freddie Mac Form 65, G-II Varrato, George Varrato, Uniform Residential Loan Application, URLA, VAREP, Veterans Association of Real Estate Professionals