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#1598158 - 08/30/11 04:17 PM Uniform Residential Loan Application by phone
Newly Southerner Offline
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Joined: Jun 2011
Posts: 170
Are we allowed to take Uniform Residential Loan Application by phone?

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Lending Compliance
#1598164 - 08/30/11 04:23 PM Re: Uniform Residential Loan Application by phone Newly Southerner
swiggles Offline
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swiggles
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Sure! We take the majority of ours by phone.
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The more you sweat in training, the less you bleed in battle.......

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#1598170 - 08/30/11 04:26 PM Re: Uniform Residential Loan Application by phone swiggles
Newly Southerner Offline
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thank you!!

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#1598185 - 08/30/11 04:41 PM Re: Uniform Residential Loan Application by phone Newly Southerner
swiggles Offline
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FYI...we check the box for ap "taken by phone" and if the loan is approved, the borrower signs a "final" updated application at closing....with verified income, etc.
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The more you sweat in training, the less you bleed in battle.......

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#1598249 - 08/30/11 05:56 PM Re: Uniform Residential Loan Application by phone swiggles
Carolina Blue Offline
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Joined: Jul 2005
Posts: 957
Lost in a regulatory fog
Also, make sure procedures and training ensure loan officers are asking for joint intent and GMI and doucmenting the responses.

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#1598261 - 08/30/11 06:13 PM Re: Uniform Residential Loan Application by phone Carolina Blue
swiggles Offline
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swiggles
Joined: Aug 2001
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I've always doubted that they do it, but the officers would also need to read the entire HMDA disclosure to the applicant(s) before asking the GMI questions.
_________________________
The more you sweat in training, the less you bleed in battle.......

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