Are we allowed to take Uniform Residential Loan Application by phone?

Sure! We take the majority of ours by phone.

thank you!!

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.

Also, make sure procedures and training ensure loan officers are asking for joint intent and GMI and doucmenting the responses.

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.