Can someone help me wrap my brain around notice requirements for a complete Loss Mit application? 1024.41(c)(3) gives the requirements for the content of the notice, but it appears (based on 1024.41 (c)(3)(ii)(A) that a bank would be exempt from providing this notice if they provide the (b)(2)(i)(B) notice that the application is complete.
If I'm understanding this correctly, does this mean that if we deem the application complete the first time it is submitted, and provide the (b)(2)(i)(B) notice within 5 days, we don't have to provide the (c)(3) notice. But if we deem the application incomplete the first time it is submitted, and later deem it complete when the documentation we need is supplied, we do have to provide the (c)(3) notice. Is that accurate?
I guess I'm confused because the (c)(3) notice appears to require a good bit more information than the (b)(2)(i)(B) notice. Why are we exempt from supplying that information if the app is deemed complete on the first submission? Thank you!