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#1959628 - 09/05/14 02:32 PM Online Mortgage Application Checklist
Purex Offline
100 Club
Joined: Oct 2005
Posts: 181
South
I'm needing to review our bank's online mortgage application for compliance with all lending/compliance regulations and was wondering if anyone had a online mortgage loan review checklist. I have failed to find anything useful.

Thank in advance
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Lending Compliance
#1959680 - 09/05/14 03:49 PM Re: Online Mortgage Application Checklist Purex
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
Your first step is to review the online application from end to end--exactly like you would review a paper document. If the application is not a single page or document, click all the way through & review the sum of what you find. If the form is a series of pages with decision points, review every possible combination.

After determining the range of products supported by your form, confirm that the online process meets any preapplication requirements applicable to these products.

If post-application disclosures are required (CHARM booklet, ETIL, etc.) confirm that the delivery process will meet timing requirements. If any of these post-application disclosures must be "written" and will be delivered electronically, review your ESIGN demonstrable consent process that enables you to substitute electrons for paper.

Look ahead to the method for delivering notices of action taken and pre-closing disclosures for online applications. If it will be electronic, then you will need to obtain consent (ESIGN) for e-delivery of any of these items that must be "wirtten." The time to do this is when the online application is submitted (and the applicant is most cooperative)--not at the time the notice must be sent.
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#1959740 - 09/05/14 05:38 PM Re: Online Mortgage Application Checklist Purex
Purex Offline
100 Club
Joined: Oct 2005
Posts: 181
South
Richard
Thanks for your insight, this gives me a much needed headstart.

Have a great weekend
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