Skip to content
BOL Conferences Top Gun 23
Thread Options
#1858087 - 10/03/13 03:53 PM Clarification on 1002.7(d)(1) - Joint Intent
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,065
In the mountains
In the Official Interpretations at 1002.7(d)(1)(2) where it states "It does not refer to someone whose signature is required by the creditor as a condition for granting the credit requested" mean that it applies only when we require the signature of a specific person-- as in requiring all officers or directors of a corporation to guarantee a loan for the corporation?

or does this also apply where we require a credit worthy co-signer in order to approve the loan of the applicant but of course do not require any particular individual?
_________________________
Always learning something new...

Return to Top
Fair Lending
#1858106 - 10/03/13 04:15 PM Re: Clarification on 1002.7(d)(1) - Joint Intent Likes to Comply
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
If the person did not apply with the applicant and is on the credit because you required them as an underwriting condition then there is no joint intent to document.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top