What is the common name for the 1003 loan application?

The 1003 loan application is commonly referred to as the ten-oh-three form. This nomenclature derives from the form's number, where "1003" is phonetically pronounced as "ten-oh-three," making it easier for industry professionals to reference in conversation.

As the standard application used by lenders to gather pertinent information from borrowers, it includes details such as income, assets, employment history, and other financial information crucial for loan processing. The form is essential in ensuring that lenders assess the borrower’s creditworthiness effectively.

In contrast, while the term "mortgage application" accurately describes the purpose of the form, it does not encapsulate its formal identification. Similarly, "loan request form" is somewhat generic and could refer to various types of documents related to loan inquiries. The "2003 form" option is simply incorrect in that it does not correspond to the proper designation of the form in question.