Can a legible copy of the signed application documents substitute the signed originals in the event that the originals became damaged or destroyed?

OR can someone provide me a place to begin looking for some assistance?

Thanks.

Sure, why not? Many institutions scan loan documents into CD driven databases. But the only loans applications are required on are Mortgage Loans and the Purpose needs to be on a loan greater than 10K for BSA Purposes.

Yes, i understand that many institutions scan documents --- but aren't the signed originals somewhere.

When you say signed, I am just going to throw this out. There is no requirement for applications to be signed (except some secondary market institutions). It is a great idea but a written application is just a document representing the act of application.

I wish Dan was here, sometimes I am not sure if I am a real authority.

My understanding was an application taken in person meant that it also had to be signed by that person.

(c) Written applications. A creditor shall take written applications for the dwelling-related types of credit covered by §202.13(a).

There are many places to look for in Reg B to assist with the application section. I have still not seen anywhere where it says one needs to be signed (although I have been known to miss the obvious). I am fairly certain that even the loan officer can fill out an application and that it would not need to be signed. That being said, perhaps you have a loan policy that says otherwise. But we are looking to the Code of Federal Regulations for our answer, and I do not see that you need the borrower to sign the docs.

Thank you.

Nation is correct that there is no Federal regulatory requirements for an application to be signed. But you need to check state law and if these are secondary market transactions the investor's requirements.

Thank you again. I appreciate everyone's assistance. State law....will do.

doesn't it have to be signed if it is evidencing joint intent for credit?

Joint intent is also another issue that does not need to be documented by the borrower. Joint Intent can be documented by the lender, which he may obtain from discussions or just reading your blurb on the application.

reeeeeeeeally....we were just criticized by our outside auditors for not haveing signed joint intent.

Nope. The loan officer only has to establish and evidence the intent, and that does not have to be by signature. It could simply be by the loan officer noting that he spoke to the applicant(s) and they acknowledged their intent.

Of course the best practice is to get the signature, but it is not required under Reg. B.

good to know, thanks

Anytime