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#205155 - 06/28/04 07:24 PM Required Checking Account
swiggles Offline
Power Poster
swiggles
Joined: Aug 2001
Posts: 7,351
Is there a prohibition regarding requiring a loan applicant to bank with us as a condition for getting a better rate?
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Lending Compliance
#205156 - 06/28/04 08:03 PM Re: Required Checking Account
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
No, as long as you don't require them to auto debit the payment. However, you can offer a further rate reduction if they choose to auto debit the payment
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The opinions expressed are mine and they are not to be taken as legal advice.

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