Which loan application form is used by both Fannie Mae and Freddie Mac?

The Uniform Residential Loan Application is the correct choice because it is the standard form adopted by both Fannie Mae and Freddie Mac for processing residential mortgage loan applications. This form is designed to provide a consistent structure to gather the necessary information about the borrower, the property, and the loan.

Using a uniform application helps streamline the lending process and ensures that lenders receive the same vital information regardless of which agency they are working with. This consistency is crucial in maintaining standard procedures across the mortgage industry, making the evaluation and approval process more efficient.

Other options like the Standard Loan Application do not specifically reference Fannie Mae and Freddie Mac's guidelines, while the Fannie Mae Specific Form and Freddie Mac Loan Inquiry Form are proprietary and designed for specific purposes related to each respective agency, lacking the uniformity necessary for widespread application across both organizations. Thus, the Uniform Residential Loan Application serves as the recognized and accepted tool for obtaining information for loans handled by either Fannie Mae or Freddie Mac.