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#1622433 - 10/31/11 09:41 PM telephone app - didn't ask loan amt
Burgess Offline
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Joined: Jan 2004
Posts: 1,621
i have a loan officer who on a phone app, takes down enough information to pull a credit report - and turns the applicant down. The officer did ask for the GMI but did not ask for the loan amount requested.
i want to say, you have to collect all the hmda information over the phone before you turn the guy down.
is that correct - even if you don't need amt requested to run credit, you have to ask it?
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#1622447 - 10/31/11 09:52 PM Re: telephone app - didn't ask loan amt Burgess
Kathleen O. Blanchard Offline

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Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,293
Correct! Otherwise you have a lot of missing HMDA information. Unless it is going to be a "prequal". A pattern and practice of those because of not asking for sufficient information on an actual application is not a good thing.
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