Learn More - Click Here!

New Reply Thread Options
#2258935 - 08/30/21 05:01 PM Adverse Action for Co-Signer?
Anonymous
Unregistered

Would love your thoughts on this one. An applicant applies and a bank counter offers to do the loan with a qualified co-signer. Applicant brings in mom the next day, but DTI is too high. The bank offers a deposit secured loan which the applicant accepts (as mom puts up money), but mom doesn't want to be on the deposit secured loan if she doesn't have too, so the deposit secured loan is just in the name of the applicant.

Is an adverse action notice needed for mom?

Return to Top Reply Quote Quick Reply Quick Quote
#2258946 - 08/30/21 05:57 PM Re: Adverse Action for Co-Signer? Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,560
Galveston, TX
No - she is not a loan applicant.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale