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#1338567 - 02/05/10 04:37 PM RESPA/ Credit Application
ACB Offline
New Poster
Joined: Dec 2009
Posts: 6
As part of the RESPA changes, the regulators finally came up with a definition for a credit application. Where can I locate it?

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Lending Compliance
#1338671 - 02/05/10 05:44 PM Re: RESPA/ Credit Application ACB
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
Application means the submission of a borrower's financial information in anticipation of a credit decision relating to a federally related mortgage loan, which shall include the borrower's name, the borrower's monthly income, the borrower's social security number to obtain a credit report, the property address, an estimate of the value of the property, the mortgage loan amount sought, and any other information deemed necessary by the loan originator. An application may either be in writing or electronically submitted, including a written record of an oral application.
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#1338713 - 02/05/10 06:08 PM Re: RESPA/ Credit Application Mrs. Rizzo
OldSchoolBanker Offline
Platinum Poster
Joined: May 2005
Posts: 662
FL
Be aware though that this is only applicable to RESPA & Reg Z. This is not applicable to Reg B.
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