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#2256971 - 07/20/21 06:22 PM Mortgage Loan Applics must open a Deposit Acct
Anonymous
Unregistered

Is there any issue for requiring an applicant to open a deposit account at the bank if it will be the same for all applicants?

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#2256972 - 07/20/21 06:28 PM Re: Mortgage Loan Applics must open a Deposit Acct Anonymous
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
No problem at all, except for the people that walk down to the next bank that does not require it. Or the people that put $10 in it and it ends up costing you $50 a year to service it.
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#2256977 - 07/20/21 07:47 PM Re: Mortgage Loan Applics must open a Deposit Acct Anonymous
Anonymous
Unregistered

I mentioned that could be an issue, but they still want to require it, so I just want to make sure there is no regulatory issue with it.

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#2256980 - 07/20/21 08:36 PM Re: Mortgage Loan Applics must open a Deposit Acct Anonymous
Skittles Offline
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Remember - if this is a requirement anyone who has this 'waived' needs to be tracked and reported as an exception. We all know that there will be some 'good' customers who won't have this requirement.
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#2256983 - 07/20/21 08:49 PM Re: Mortgage Loan Applics must open a Deposit Acct Anonymous
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
What they can't do is require automatic payments from that account as "Compulsory Use" is prohibited by Reg E 1005.10.
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#2256999 - 07/21/21 01:28 PM Re: Mortgage Loan Applics must open a Deposit Acct Anonymous
Anonymous
Unregistered

Thanks everyone for your excellent input!

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