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If a borrower lists a “married” status on the Form 10-03 (Fannie Mae Uniform Residential Loan Application), but they are in fact not married (or in a civil union but not a marriage), should we revise the 10-03? – IBA Compliance Connection

IBA Compliance Connection

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If a borrower lists a “married” status on the Form 10-03 (Fannie Mae Uniform Residential Loan Application), but they are in fact not married (or in a civil union but not a marriage), should we revise the 10-03?

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We believe it would be appropriate to revise the customer’s Form 10-03 to ensure that it is accurate. As stated on the form, it is designed to be completed “with the Lender’s assistance.” And, if the bank is making warranties to Fannie Mae as to the truthfulness and completeness of the loan information, it may be necessary to correct any information on the Form 10-03 to protect the bank (see the Fannie Mae Single Family Selling Guide (January 17, 2013)).