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Texas Real Estate Commission Consumer Protection Notice

    What forms do I need

    Mortgage Application

    When you apply for a mortgage, you should receive a copy of your mortgage application. The standard form used is called a Uniform Residential Mortgage Application, Form Number 1003. Sometimes it’s just referred to as a “1003.” The lender uses this form to record relevant financial information about an applicant who applies for a conventional one- to four-family mortgage. It’s important to provide accurate information on this form. The form includes your personal information, the purpose of the loan, your income and assets and other information needed during the qualification process.

    Good Faith Estimate

    After completing the mortgage application, your lender will send you a Good Faith Estimate (GFE). The GFE is a form that provides you with an estimate of closing costs (sometimes referred to as “settlement charges”) and terms of your loan.

    Truth-in-Lending Disclosure

    This is required by federal law and provides you with a written disclosure of all conditions, fees and terms of the loan—it also shows the total cost of the loan over the entire term of the loan.

    HUD-1 Settlement Statement (“HUD-1”)

    Right before your loan closing date, you should receive the HUD-1 (also referred to as the “closing statement” or “settlement sheet”) and it lists all closing costs. Your lender must provide you this form before you close on your mortgage. The HUD-1 itemizes all real estate commissions, loan fees, points, and escrow amounts and provides information about your loan closing.