What form is commonly used when applying to obtain a mortgage loan?

The Uniform Residential Loan Application (URLA) is the widely accepted form utilized by borrowers when applying for a conventional mortgage loan. This standardized form is designed to provide lenders with essential information about the borrower’s financial situation, including income, assets, liabilities, and the intended purpose of the loan.

The URLA is critical in helping lenders assess the risk associated with the loan, ensuring that they have a comprehensive view of the applicant's financial health to make informed lending decisions. Consistency in this application process across various lenders also aids in streamlining the loan application process for borrowers.

In contrast, while variations of loan agreements or disclosures exist, they serve different purposes. A Standard Loan Agreement outlines the specific terms of a loan once it's been offered and accepted, rather than being the initial application form. The Loan Disclosure Form is primarily for providing important information about the loan terms and costs after the application has been submitted and evaluated. The FHA Loan Application is specific to Federal Housing Administration loans, which have their own specific requirements and forms, but does not serve as the general application form for all mortgage loans. Thus, the URLA is the correct choice for the context of applying for a mortgage across the lending industry.