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#1107125 - 01/07/09 09:56 PM Notice to the Home Loan Applicant
mbernard Offline
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Joined: Jul 2008
Posts: 109
Does the Notice to the Home Loan Applicant require a signature from the consumer for recieving it?

Our Notice to Home Loan Applicant disclosure has a place for a signature of the person giving the notice, (the officer). Is this required or necessary?

Thanks!

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#1107156 - 01/07/09 10:25 PM Re: Notice to the Home Loan Applicant mbernard
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,255
Wisconsin
No, it's not a requirement.

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#1107167 - 01/07/09 10:35 PM Re: Notice to the Home Loan Applicant CSB98
mbernard Offline
100 Club
Joined: Jul 2008
Posts: 109
No to the Officers signature or the consumers signature or both?

Thanks!

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#1107247 - 01/08/09 02:08 AM Re: Notice to the Home Loan Applicant mbernard
complyyes Offline
Member
Joined: Apr 2006
Posts: 51
Midwest
But, do you provide the notice to each borrower separately or one notice to joint borrowers?

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#1107407 - 01/08/09 02:48 PM Re: Notice to the Home Loan Applicant complyyes
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,255
Wisconsin
No to both. There is no requirement that the officer or customer sign the notice. But as complyyes indicates, a separate notice must be given to each borrower. For joint borrowers, one notice is not sufficient.

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#1107438 - 01/08/09 03:07 PM Re: Notice to the Home Loan Applicant CSB98
mbernard Offline
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Joined: Jul 2008
Posts: 109
Thanks CSB1!

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#1107725 - 01/08/09 06:53 PM Re: Notice to the Home Loan Applicant mbernard
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
FWIW, for joint applicants we send one notice addressed to both applicants with all applicable scores listed and identified by applicant if they are in the same household. If they live in different households we send the original to the primary applicant's household and a copy to the co-applicant's household (however we get very few where the applicants live in different households).

This procedure passed our recent FDIC compliance exam.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#1190225 - 05/26/09 07:59 PM Re: Notice to the Home Loan Applicant Dan Persfull
river girl Offline
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Joined: Nov 2004
Posts: 1,005
Is anyone retaining a copy of the notice sent? Our procedure was originally set up to retain a copy in the file but the lenders rarely remember to copy so Iam constantly writing it up as an loan review exception. I am thinking of recommending the procedure be changed to not retain a copy. I was wondering what others are doing.

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#1190319 - 05/26/09 09:52 PM Re: Notice to the Home Loan Applicant river girl
Cowboys Fan Offline
Power Poster
Joined: Dec 2002
Posts: 4,598
SC
We automatically print 2 copies of the form - one for the borrower / one for the file. We don't require signatures since the reg doesn't require them so this works for us.
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#1190322 - 05/26/09 10:00 PM Re: Notice to the Home Loan Applicant river girl
'Lil Freak! Offline
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'Lil Freak!
Joined: Sep 2005
Posts: 10,596
The psych ward
There’s no requirement to retain a copy (just need to demonstrate compliance). The NTHLA shows in the document print history for our home equity loans so we don't keep copies in file. Our first mortgages, however, utilize a different loan origination software program and the document doesn’t appear in the print history. The mortgage officers retain a copy of the NTHLA in the file (heck, they keep copies of everything in those files). As long as your procedures and practices are well documented and officers are fully trained, then--IMO--you’ll save yourself a lot of grief by removing the retention requirement from your procedures.
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No, I didn't lose my mind. It got scared and ran away.

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