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#540775 - 05/01/06 03:14 PM Loan Applications - Require Bank Address?
Anonymous
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Is there any requirement that a loan application have the Bank address on it? We want to just have the Bank Name, serving XXX counties, and Equal Housing Lender. Since we have 9 branches we don't want to use a specific address. Thanks very much for your promp response.

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Lending Compliance
#540776 - 05/01/06 03:17 PM Re: Loan Applications - Require Bank Address?
Sinatra Fan Offline
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New Jersey
No such requirement of which I am aware.
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#540777 - 05/01/06 04:02 PM Re: Loan Applications - Require Bank Address?
RR Joker Offline
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Posts: 20,654
The Swamp
Very few situations actually require an application to begin with and the few that do (home mortgage related loans) do not have such a requirement.
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#540778 - 05/01/06 05:51 PM Loan Applications - Require Bank Address?
Miss Kitty Offline
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Joined: Mar 2002
Posts: 721
California
If you go on Fanniemae's site - they have instructions for completing the 1003. (http://www.efanniemae.com/sf/formsdocs/forms/1003.jsp?) There is a section titled "To Be Completed By Interviewer" as shown below.

"To Be Completed By Interviewer
The interviewer must complete this portion of the form to indicate the method used to take the application and to provide the name and telephone number of the interviewer, as well as his or her employer's name and address."


Do you by chance have a centralized location's address you could insert for the banks name?

A few years back during an audit, we were cited for not having this section completed or a signature of the LO on the final 1003. We've made it a practice to have this section completed for every 1003.

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#540779 - 05/01/06 06:35 PM Re: Loan Applications - Require Bank Address?
Sooner Fan Offline
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Where the wind blows swiftly d...
We have several applications depending on what type of credit is being requested. One of the applications that we have used forever, is very general and doesn't reflect any thing about our actual bank. We've been fine for years and years w/this appliation too.

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#540780 - 05/01/06 06:46 PM Loan Applications - Require Bank Address?
Miss Kitty Offline
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Joined: Mar 2002
Posts: 721
California
When you say you have several applications, are they forms that have the bank name on them (not the Fannie/Freddie 1003?).

Other than Fannie/Freddie having listed instructions on their site I haven't seen any other mention regarding the name/address and interviewer. Its hard to say (and I'm not an expert on this) what examiner will look at what and decide wether or not you're cited, maybe they couldn't find anything else and dug deeper. What I can say is it must not have been our lucky day when the auditor cited us for not having this information completed (on form 1003). They use this section to validate who took the application and how.

It will be interesting to see if there has been any other experiences regarding this section.

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#540781 - 05/01/06 06:53 PM Re: Loan Applications - Require Bank Address?
Sooner Fan Offline
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Joined: May 2005
Posts: 220
Where the wind blows swiftly d...
I mean we do use several that do have our bank name on it but we have one that we have literally used for who knows how long and it is ordered from a vendor. We have never been cited for our bank name not being on it.

We also use the Fannie May app but more than frequently the lender/interviewer does not actually sign and date the form. Of course, we ask them to for compliance issues but we have never been told by an examiner that this is required.

You said 'your auditor'...I thought you were talking about an examiner earlier. Do you mean that your bank's internal auditor cited you or do you mean an actual examiner cited you?
What basis did they rely their citation on?

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