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#1099594 - 12/18/08 05:26 PM Reg B requirement for approved loans
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 448
U.S.
Is there a requirement to send a written notice when an application is approved or does verbal communication of the decision suffice?

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Lending Compliance
#1099601 - 12/18/08 05:33 PM Re: Reg B requirement for approved loans complyorelse
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,983
FINALLY ABOVE the gnat line
Reg B just indicates that the customer be notified within 30 days of the decision. we ask our LOs to simply write in on the application - the date they called the customer to tell them the loan is approved. Of course, if the loan is closed within the 30 days then nothing else would be required.
_________________________
"Once you learn to read, you will be forever free."

- Frederick Douglass




My Opinion Only.

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#1099608 - 12/18/08 05:37 PM Re: Reg B requirement for approved loans waldensouth
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 448
U.S.
Thanks a lot!!

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#1099616 - 12/18/08 05:41 PM Re: Reg B requirement for approved loans complyorelse
Al Miller Offline
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Al Miller
Joined: Oct 2000
Posts: 2,416
Pleasanton CA USA
To take it one step further, Loan Officers are compensated for originating loans, not for approvals. The Loan Officer will contact the customer to get the loan originated.

Al
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Al Miller, CRCM
Opinions expressed are my own and not necessarily shared by my employer.

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