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#1655669 - 01/25/12 04:34 PM Adding a Person to a Refi Application
NU Rhules Offline
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NU Rhules
Joined: Mar 2011
Posts: 464
SE, Nebraska
Secondary mkt - one person on original application and initial disclosures sent. Underwriters say the applicant doesn't have the debt/income ratio to qualify. The applicant now wants to add their spouse to the application. Do we...
A. Issue denial and have them reapply?
B. Add them to the application with new data and reissue all new initial disclosures? And document joint intent. Seems to me this fits the "New information particular to the borrower" reasoning for changed circumstance.

Looking for guidance thanks!

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#1655721 - 01/25/12 05:05 PM Re: Adding a Person to a Refi Application NU Rhules
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
We would do B with the exception of joint intent. The spouse's signature is a underwriting requirement therefore there was no joint intent.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1699729 - 05/15/12 05:30 PM Re: Adding a Person to a Refi Application Dan Persfull
complianceassist Offline
Junior Member
Joined: Jun 2011
Posts: 32
What about adding a spouse to a purchase transaction application? Disclosures have already been made to a primary applicant and the spouse who is being added signed the initial TIL.

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#1699799 - 05/15/12 06:41 PM Re: Adding a Person to a Refi Application NU Rhules
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
If rescission is not applicable then the early TIL only has to be provided to one of the applicants.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1699809 - 05/15/12 06:56 PM Re: Adding a Person to a Refi Application Dan Persfull
complianceassist Offline
Junior Member
Joined: Jun 2011
Posts: 32
What about from a RESPA stand point? I don't see this as a changed circumstance, the only thing that would change on the GFE is the addition of the co-borrower's name.

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