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#1308748 - 12/17/09 09:32 PM Monitoring Info Collected in Error
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I've found a couple of instances where the customer completed the gov't monitoring information on a RE application when the loan turned out to be personal purpose, secured by their dwelling. I hope that would fall under the section 202.13 in Reg B that talks about "inadvertent notation". Should the loan officer or whoever gives the application ask about "purpose" (not just say real estate or consumer application?) to make sure they have them complete the correct application? What do other banks do about making sure the customer is given correct application?

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#1309380 - 12/18/09 05:42 PM Re: Monitoring Info Collected in Error Compliance Lover
rlcarey Online
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rlcarey
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Posts: 78,649
Galveston, TX
An occasion "inadvertent notation" is not that unusual. Most banks just line through the information and note that it was unintentionally gathered.
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#1309500 - 12/18/09 07:04 PM Re: Monitoring Info Collected in Error rlcarey
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Ok, thanks. I didn't figure it was a real big deal in this instance, but I wasn't sure the best way to handle it.

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