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#998496 - 07/17/08 09:54 PM Regulation B Notification of Approval
RegsGeek111 Offline
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Joined: Apr 2008
Posts: 123
202.9 provides that a bank must notify an applicant of action taken on the applicant’s request for credit, whether favorable
or adverse, within thirty days after receiving a completed application.

Is a co borrower/co signer an applicant or can you just notify the main borrower?

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Lending Compliance
#998540 - 07/17/08 10:43 PM Re: Regulation B Notification of Approval RegsGeek111
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,956
Bloomington, IN
Read further on in 202.9 to subsection (f).
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The opinions expressed are mine and they are not to be taken as legal advice.

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#998544 - 07/17/08 10:54 PM Re: Regulation B Notification of Approval Dan Persfull
RegsGeek111 Offline
100 Club
Joined: Apr 2008
Posts: 123
Yep - got it! Thanks!

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#999116 - 07/18/08 04:40 PM Re: Regulation B Notification of Approval RegsGeek111
RegsGeek111 Offline
100 Club
Joined: Apr 2008
Posts: 123
One additional question regarding Reg B notification:

Borrower submits completed application within definition of Reg B – borrower is supposed to get notification for this application – borrower gets notification.

Borrower tries to improve terms by submitting adding a co borrower. Should borrower should then get another notification for being a co borrower?

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#999149 - 07/18/08 04:54 PM Re: Regulation B Notification of Approval RegsGeek111
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,912
Galveston, TX
Sounds like a separate application to me and should be treated as such.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#999164 - 07/18/08 05:02 PM Re: Regulation B Notification of Approval rlcarey
RegsGeek111 Offline
100 Club
Joined: Apr 2008
Posts: 123
Hmmm - me too. Thanks!

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