If your bank paid a vendor for this loan estimate generating feature, I hope you have a contractual right to damages when the software generates an incorrect document, but I fear there is a clause that gets them off the hook if it's a case of "operator error," where the operator in this case is an applicant. I think it is folly to rely on a layperson to make the right decision in the scenario you have described.
Last edited by John Burnett; 09/23/21 07:07 PM. Reason: added thought
If you're stuck with this system, you need controls that check for, and correct, obvious errors like this, BEFORE the loan estimate is provided or sent to the applicant.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8