We recently had a customer apply for a loan. His age is 89 years old. He is a farmer and wanted to refinance his farm land to consolidate debt. He applied for a 25 year loan. I do know that a bank may not discriminate. It just is not realistic to think that he will be able to make the payments for 25 years. Is there a regulation that will take this case into consideration?

We just made a 20 year mortgage loan to a man 101 years old, didn't look a day over 80. But his wife also signed and she was younger, only 77. We had a very low LTV. (We did not require his spouse to sign, she was a joint applicant)

Here is a link to the Official Staff Commentary to section 202.6 of Regulation B (ECOA).
http://www.bankersonline.com/regs/202/s202-6.html

There is a discussion of the treatment of age.

You might want to do a search on denial reasons or on age in the threads. We've had many discussions on this issue. My take is, if all else looks good, you're pushing the envelope to deny on age alone. While we hope not to have all of our consumers pass on before the end of their terms of repayment, it could happen. If you're going to deny consumers who "might" not make it to the end of term, (ie lend on life expectency) should you consider not lending to folks in active duty? The odds of dying while in service are increasing unfortunately. See where I'm going? You'd be specifically denying because he's old...and that's probably not somewhere your bank wants to go.

On a completely unrelated note - Dawnie, your picture is perfect! How did you find it?

I can't take any credit. I right clicked on MackenzieS's cute pic and visited the website. I'm now an official BOL icon copy cat They have a bunch of cute stuff there

I was going to send you a PM but I'll put it here instead - LOVE the picture! That is adorable!!

I'm pretending I don't understand that...is this ok?

Ok, here it is copied from the Camelot Designs webpage:

Quote:

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Graphics are free to use - save to your hard drive and do not link back to this site. If you link back to this site we periodically check links and will contact you to remove or your server as a violation.

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So the answer is easy. If you find an animated picture here you like, copy it to your hard drive, just like the site says. Then e-mail that file to Michele and ask her to load it on the BOL server and link your profile to it there. You get the same picture and no trouble with the Camelot Design folks for either you or for BOL.

I'll gather a list of BOL folks in trouble and do a BSA SEC DOA CTR to the OCC or someone else right away!