NMLS SAFE MORTGAGE LICENSING CORE
REVIEW SHEET 2026 TRUTH IN LENDING
ACT AND DISCLOSURE REQUIREMENTS
◉ What is the difference between pre-qualification and pre-
approval?
Answer: Pre-qualification is an informal estimate based on self-
reported info. Pre-approval pulls credit and verifies income/assets.
◉ What is Form 1003?
Answer: The Uniform Residential Loan Application.
◉ What 6 items create a complete application for TRID timing?
Answer: Name, income, SSN, property address, estimated value, and
loan amount.
◉ When can a lender collect fees after application?
Answer: Only after the borrower gives intent to proceed, except for a
credit report fee.
◉ What can trigger a revised Loan Estimate?
, Answer: Changed circumstances such as a rate lock or a property
value change.
◉ How are business days defined on the sheet for TRID timing?
Answer: All days except Sundays and federal holidays.
◉ What major sections are included on the 1003?
Answer: Borrower info, employment, income, assets, liabilities, real
estate owned, loan info, and declarations.
◉ What do the declarations on the 1003 cover?
Answer: Items like judgments, bankruptcies, foreclosures, and
whether the borrower intends to occupy the property as a primary
residence.
◉ How is HMDA demographic information handled on the 1003?
Answer: Race, ethnicity, and sex must be offered even if the
borrower declines to provide them.
◉ What is generally required for self-employed borrowers?
Answer: Two years of tax returns plus a year-to-date profit and loss
statement.
REVIEW SHEET 2026 TRUTH IN LENDING
ACT AND DISCLOSURE REQUIREMENTS
◉ What is the difference between pre-qualification and pre-
approval?
Answer: Pre-qualification is an informal estimate based on self-
reported info. Pre-approval pulls credit and verifies income/assets.
◉ What is Form 1003?
Answer: The Uniform Residential Loan Application.
◉ What 6 items create a complete application for TRID timing?
Answer: Name, income, SSN, property address, estimated value, and
loan amount.
◉ When can a lender collect fees after application?
Answer: Only after the borrower gives intent to proceed, except for a
credit report fee.
◉ What can trigger a revised Loan Estimate?
, Answer: Changed circumstances such as a rate lock or a property
value change.
◉ How are business days defined on the sheet for TRID timing?
Answer: All days except Sundays and federal holidays.
◉ What major sections are included on the 1003?
Answer: Borrower info, employment, income, assets, liabilities, real
estate owned, loan info, and declarations.
◉ What do the declarations on the 1003 cover?
Answer: Items like judgments, bankruptcies, foreclosures, and
whether the borrower intends to occupy the property as a primary
residence.
◉ How is HMDA demographic information handled on the 1003?
Answer: Race, ethnicity, and sex must be offered even if the
borrower declines to provide them.
◉ What is generally required for self-employed borrowers?
Answer: Two years of tax returns plus a year-to-date profit and loss
statement.
