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#1884955 - 01/10/14 01:57 AM Verifying Assets
CometMan Offline
Member
Joined: Mar 2011
Posts: 83
According to the rule I do not need to verify assets unless they are being relied upon as a source of repayment, correct? Therefore, (although it would be a sound practice) I would not need to verify deposit accounts if those balances were not considered in the ability to repay? Same for investment accounts, vehicles, etc? Obviously an appraisal on the home is necessary.

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Ability to Repay/Qualified Mortgage Rule
#1885003 - 01/10/14 02:16 PM Re: Verifying Assets CometMan
dblack Offline
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Joined: Feb 2008
Posts: 263
AL
That is my understanding.
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#1885025 - 01/10/14 02:37 PM Re: Verifying Assets CometMan
RR Joker Offline
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Joined: Nov 2002
Posts: 20,654
The Swamp
Beyond that, I would verify assets needed to close the loan.
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My opinion only. Not legal advice.

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#1957979 - 08/28/14 08:50 PM Re: Verifying Assets CometMan
Serendipity Offline
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Joined: May 2014
Posts: 147
Are we allowed to collect asset information even if we DO NOT intend to use it for qualifying? (as in, collect it as information for cross selling Investment services.)

It seems like a gray area to me. Some loan origination systems allow you input documents but "hide" them from the underwriter so they wont see it.

Previous institutions I worked for didn't want to use this feature of the system though because it was "too cumbersome to decide what to give the underwriter and what to not give them". They asked the LO's not to add any asset documents to the file unless they were needed to qualify.

What is the industry standard? Are we violating anything by collecting but not providing to UW?

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