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#2012890 - 05/07/15 09:13 PM Notice of Incomplete Application
WIBanker91 Online
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Joined: Nov 2011
Posts: 175
WI
What is a reasonable amount of time to give a customer to provide missing information?

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Lending Compliance
#2012895 - 05/07/15 10:18 PM Re: Notice of Incomplete Application WIBanker91
NSF, CRCM Offline
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NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
We usually give the customer 1 to 2 weeks to provide us with the missing information.
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It is better to act cautiously beforehand than to suffer afterward.

The answers I give are my opinions. Not legal advice.

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#2012898 - 05/07/15 11:15 PM Re: Notice of Incomplete Application WIBanker91
GuitarDude Offline
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GuitarDude
Joined: Nov 2004
Posts: 5,924
So Cal
The key is to be consistent to avoid any Fair Lending issues for disparate treatment.
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I've just writed a wrong.

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#2012899 - 05/07/15 11:19 PM Re: Notice of Incomplete Application WIBanker91
Rocky P Online
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Joined: Jun 2003
Posts: 7,258
Florida
For the notice of incompleteness, the most common I've seen is 15 calendar days.
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#2013016 - 05/08/15 05:18 PM Re: Notice of Incomplete Application WIBanker91
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I agree with consistency for similar items, but it can vary depending on what you're asking for. The standard is usually about 10-15 days, but if you're asking for their 2014 tax return and it's January, you may need to give more time for your request to be "reasonable". That's why Reg B doesn't define this term.
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David Dickinson
http://www.bankerscompliance.com

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