Our bank typically collects a written face to face application for loans secured by a consumer's primary residence. However, our bank is growing and some of our newer lenders (who lived another banking life) are having more and more telephone applications, email applications, fax applications, etc.
How do other banks handle the signature of the at application documents - do you just document "taken by phone" and leave alone.
Do you request the applicant, if approved, to sign the application documents at loan closing?
It amazes me that so many of these disclosures do not require a signature - but yet - how do we prove we actually got the infromation from them?????