Bank originated a loan in 2007 with a cosigner, but failed to disclose the required cosigner disclosure notice. This was just recently discovered...what should be done at this point, anything?

No. The co-signer notice is required to be given before the co-signer becomes obligated on the debt therefore providing it now will serve no purpose nor cure any violation.

If the loan should go delinquent and end up in court chances are your co-signer could be relieved of their contractual liability.

What federal reg states the notice is necessary? One of our lenders is trying to tell me we are not required to have this indirect loans. A bit of a difference in opinion. I need to go back with evidence.

Thanks

Reg. AA