For those of you using the new 1003 application, are you have both borrowers initial each others application to show they are applying for joint credit? Or are you only having each borrower initial their own application? This is in section titled Type of Credit in Section 1a.

Not sure why they would initial each others application ?

Back in the day.... When we had 2 borrowers on separate applications we would have both applicants initial on one of the apps or sign an acknowledgement of joint credit. Our examiners expected to see evidence of joint credit from each borrower on the same document. However, we no longer do that with the new 1003 as section 1a makes joint intent clear.

Thank you for your responses.

On the new 1003, our software provider is having the borrower initial (electronically) in the joint intent box even if the application is an individual application. They state the initial is for the section, and only marking the box either "I am apply individually" or "Joint" is the notification of intent. If the section is initialed and it is an individual application, would that be considered a violation and not really showing the indication if it is always initialed?