The redesigned Form 1003 and Desktop Underwriter® (DU®) MISMO v3.4 file must be used for all new loans started on or after March 1, 2021. This transition marks the culmination of an industry-wide effort to update the form for a better borrower and lender experience and to support the industry’s move toward digitizing the loan origination process.
Not much really changed, the residential mortgage application still needs serious improvements. It lacks pertinent questions and asks for duplicate information on the same form. That's why I still use my enhanced version on my website, it has all that they require, it does not ask for duplicate information and it includes all that they are missing.
It is my professional opinion that whoever is responsible for creating and regulating lending applications and disclosures is evil and corrupt. These forms are absolutely absurd and embarrassing. I have often contemplated quitting my job because I'm embarrassed that my job requires me to provide disclosures that mean nothing to the borrower because they are always wrong and use applications that lack extremely pertinent information that would make the process so much easier for both the borrower and the lender. But there is no escape, so I will try to be a regulator one day, that is the goal.
The only way you could suck this bad at creating forms is if you are paid to suck and you are doing it on purpose. I think first graders with zero lending experience could create better lending forms blindfolded. They must have put an effort into making forms that simply won't do anyone any favors, in fact, do the opposite.
Or, it's for job creation, if they allowed the forms to be efficient and make sense, people would be out of work. Clients wouldn't need to spend as much time on the phone or on their PC and neither would their loan officers. Making fewer jobs. If you believe job creation is a good thing, you are the reason I still have to work 20+ hours a week for a living.
