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#1955915 - 08/21/14 09:34 PM What is "taking an application"?
Marmaduchess Offline
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Marmaduchess
Joined: Oct 2009
Posts: 175
Oregon Coast
I had a outside auditor tell me that if our loan processors point out to a customer that they have forgotten to sign somewhere or initial something on the application that they are loan originators for purposes of 1026.36. Seems wrong...
Can anybody clarify? The definition (and commentary) just say take an application. Is pointing out missed things on an app the same thing as taking an app?

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#1955958 - 08/22/14 02:08 AM Re: What is "taking an application"? Marmaduchess
rlcarey Offline
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rlcarey
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Galveston, TX
Is pointing out missed things on an app the same thing as taking an app?

The answer to that is simple. Tell them the answer is: "If they persist in such non-sense that they will be ex-outside auditors."
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#1955986 - 08/22/14 12:44 PM Re: What is "taking an application"? rlcarey
Sinatra Fan Offline
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New Jersey
Seriously. Where do these people come up with this stuff?

The Official Interpretation to 1026.36(a) specifically states:

A person does not assist the consumer in completing the application if the person explains to the consumer filling out the application the contents of the application or where particular consumer information is to be provided, or generally describes the credit application process to a consumer without discussing particular credit terms that are or may be available from a creditor or loan originator to that consumer selected based on the consumer's financial characteristics. [emphasis mine]
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#1956195 - 08/22/14 05:23 PM Re: What is "taking an application"? Marmaduchess
Marmaduchess Offline
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Marmaduchess
Joined: Oct 2009
Posts: 175
Oregon Coast
Thought so. You can't be too careful nowadays though. Thanks RL and SF.

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