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#2224982 - 11/01/19 05:13 PM Re: Reg B Joint Intent David Dickinson
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Jumping in on this thread with a related question on "joint intent" - if we have a consumer credit application, in which the box is marked next to the statement: "If you are applying for joint credit with another person, complete sections A and B. We intent to apply for joint credit.", but the line directly following for the applicant and co-applicant to initial is not completed on the application form, however both applicant and co-applicant signed the bottom of the application form. Do we have "joint intent" issues/violations with this scenario? Directly above the credit application signature at the bottom of the page, it states: "by signing below, you certify that you have read and agree to the terms and disclosures on all pages of this application."

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#2224989 - 11/01/19 05:24 PM Re: Reg B Joint Intent ahou
rlcarey Offline
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Galveston, TX
Paragraph 7(d)(1).


3. Evidence of joint application.

The method used to establish intent must be distinct from the means used by individuals to affirm the accuracy of information.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2225009 - 11/01/19 07:08 PM Re: Reg B Joint Intent rlcarey
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So without considering the statement above the application signature, would just marking the "joint credit" box be sufficient?

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#2225010 - 11/01/19 07:14 PM Re: Reg B Joint Intent ahou
rlcarey Offline
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Galveston, TX
On a one off situation, I would not get really concerned about it, but there is a reason that there are lines to initial. LOs/employees should be checking the completeness of the application at the time of acceptance.

From the same citation: A person's intent to be a joint applicant must be evidenced at the time of application. Signatures on a promissory note may not be used to show intent to apply for joint credit. On the other hand, signatures or initials on a credit application affirming applicants' intent to apply for joint credit may be used to establish intent to apply for joint credit.
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