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#2100969 - 09/29/16 02:51 PM Covered Borrower Identification Statement
ScoutLaRue Online
Member
Joined: Jul 2016
Posts: 73
Our LOS is printing a 'Covered Borrower Identification Statement' with our loan docs with each consumer product--it being a covered loan, covered borrower or none of the above.
Doc asks the borrower to identify themselves as a service member, dependent of a service member, or neither with sig lines.

We are checking MLA status using the credit bureau. I'm trying to figure out why we'd need this doc signed at all since we can't rely on applicant for safe harbor...

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2100974 - 09/29/16 02:54 PM Re: Covered Borrower Identification Statement ScoutLaRue
Bville Offline
Diamond Poster
Bville
Joined: May 2001
Posts: 1,282
Out West
Our LOS (LaserPro) presents this form as an option. I've instructed lenders/processors not to use it after Oct 3. I'm hoping it can be turned off completely.

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#2100977 - 09/29/16 03:06 PM Re: Covered Borrower Identification Statement ScoutLaRue
CompliantOkie Offline
Gold Star
CompliantOkie
Joined: Dec 2013
Posts: 423
OOOOOOklahoma
I believe that is the old form. After Oct 3 we will be turning it off completely and it will only print the new MLA covered borrower statement with the model language.

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#2100987 - 09/29/16 03:21 PM Re: Covered Borrower Identification Statement ScoutLaRue
ScoutLaRue Online
Member
Joined: Jul 2016
Posts: 73
I thought it was an old form too, but processors indicated to me it was new. I'm a newbie so what do I know! smile

Maybe it's and old form resurfaced with the latest los update. We also use LaserPro Bville. Thanks CompliantOkie as well for your input.

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#2100989 - 09/29/16 03:22 PM Re: Covered Borrower Identification Statement ScoutLaRue
RR Becca Offline
Power Poster
RR Becca
Joined: Sep 2004
Posts: 5,245
out of the frying pan...
It's the same old form, they just renamed it. It still doesn't do the bank any good as of 10/3.
_________________________
You call it ADD. I call it multi-tasking.

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#2101072 - 09/29/16 07:27 PM Re: Covered Borrower Identification Statement ScoutLaRue
Couples Offline
Gold Star
Joined: Apr 2009
Posts: 280
The Igloo
What happens if you have two borrowers and one is covered and one is not. i.e. I am active in the military and am getting a loan with my sister who is not a dependent nor active in the military. Would there be any reason to have that form because the loan is still a covered transaction?

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#2101079 - 09/29/16 07:50 PM Re: Covered Borrower Identification Statement ScoutLaRue
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,838
OK
There's no reason to have that form period after October 3rd.
_________________________
I'm fixin' to fix that.

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#2101771 - 10/05/16 12:48 PM Re: Covered Borrower Identification Statement Bville
HallieK Offline
Gold Star
HallieK
Joined: Jul 2001
Posts: 369
Oklahoma
If you will go into LaserPro to the Regulatory Options page, you will see "Print Military Lending Act Covered Borrower Identification Statement". Make sure that is not checked and you will no longer get that disclosure.

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