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#2246872 - 12/23/20 04:02 PM Joint Intent
banker-12 Offline
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Joined: May 2007
Posts: 1,202
Since payment deferrals/extensions fall under an extension of credit under Regulation B, does joint intent apply? We do not obtain applications or get a credit report for payment deferrals/extensions. The customer makes the verbal request and they sign the payment extension agreement.

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#2246876 - 12/23/20 04:38 PM Re: Joint Intent banker-12
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,765
Bloomington, IN
the customer makes the verbal request

Would that not be an oral request?

(f) Application means an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested.


We do require joint intent and all parties to the loan must sign the deferral agreement.
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#2246888 - 12/23/20 07:14 PM Re: Joint Intent banker-12
banker-12 Offline
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Joined: May 2007
Posts: 1,202
Thank You.

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#2247367 - 01/08/21 02:55 PM Re: Joint Intent banker-12
complyorelse Offline
Gold Star
Joined: Nov 2007
Posts: 442
U.S.
I have a general joint intent question. If two applicants submit separate applications for one loan, we are still required to acknowledge they are applying jointly, correct? This is something we have used a separate "Intent to Apply for Joint Credit" form for, but I am also wondering if each applicant could simply initial their respective application in the provided joint applicant box?

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#2247386 - 01/08/21 04:49 PM Re: Joint Intent banker-12
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,303
Galveston, TX
I see no problem with it.
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#2247501 - 01/12/21 12:55 PM Re: Joint Intent banker-12
complyorelse Offline
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Joined: Nov 2007
Posts: 442
U.S.
Thank you.

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#2248530 - 02/02/21 04:25 PM Re: Joint Intent banker-12
kmenard Offline
Member
Joined: Oct 2014
Posts: 65
Is there required wording for the disclosure of joint intent? Our application has a box to check that say “Joint” and then two lines for the customer to sign, would this be sufficient? Or should it read “I (we) intend to apply joint credit” and then the two lines?

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#2248533 - 02/02/21 05:07 PM Re: Joint Intent banker-12
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,303
Galveston, TX
I am not sure why any lender would choose to use a format other than what is provided in the Model Application forms found in Regulation B.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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