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#185704 - 04/30/04 04:57 PM Joint Form
Anonymous
Unregistered

Should we get the joint form on renewals or just new loans?

Confused

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Lending Compliance
#185705 - 04/30/04 06:05 PM Re: Joint Form
LoisLane Offline
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LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
If you are asking about the form to document those applicants who are applying jointly, it is needed for all loans.
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#185706 - 04/30/04 07:44 PM Re: Joint Form
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,255
Wisconsin
I think it depends who your regulator is. We are an FDIC bank and based on discussions with them and our state banking association, they are not requiring the intent for joint application on renewals, only new loan requests and refinances.

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#185707 - 04/30/04 07:47 PM Re: Joint Form
Beagles22 Offline
Power Poster
Joined: Jan 2004
Posts: 3,626
State of confusion
Same here. Since the regulation is based on intent to APPLY if you have no new application you shouldn't require an intent to apply.
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#185708 - 04/30/04 07:48 PM Re: Joint Form
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Is this the same FDIC that says the 1003 is not sufficient ? What a mess !
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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#185709 - 04/30/04 09:39 PM Re: Joint Form
LoisLane Offline
Diamond Poster
LoisLane
Joined: Oct 2001
Posts: 1,570
Wisteria Lane..
I think it is required because of the similarity with 202.7 (commentary on renewals)
If the borrower's creditworthiness is reevalauated when a credit obligation is renewed the creditor must determine whether an additional party is still warranted and, if not warranted, release the additional party.
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