In Section VI - Assets and Liabilities - of the Uniform Residential Loan
Application (Form 1003) the borrower and co-borrower list their assets (i.e.
checking account, savings account, automobiles, etc), liabilities (i.e. credit
cards, loans, child alimony, etc.), real estate holdings and additional names
under which they have previously received credit.
Representing this section in XML was relatively straight-forward. Since all
fields in this section apply to both the borrower and co-borrower, we added an
<Assets_Liabilities>
child element to the <Borrowers> node. Then,
we represented the fields in Section VI in one of the following 3 ways:
- Individually listed the field as a child element of the <Assets_Liabilities> element – i.e. <Retirement_Fund> as a
child element of <Assets_Liabilities>.
- Created a new "entity" child element and individually listed each field as a
child element of this new "entity" element – i.e. <Net_Cash_Value> and <Face_Amount> as child
elements of the <Life_Insurance> "entity"
element.
- Created a new "entities" child element representing a collection of "entity"
child elements and individually listed each field as a child element of the
"entity" element – i.e. <Description> and <Amount> as child elements of the <Automobile> "entity", which itself is a child element of the
<Automobiles> "entities" element.
