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#582166 - 07/11/06 07:25 PM Monitoring Information Based on Visual/Surname
lstark Offline
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Joined: Nov 2005
Posts: 440
What if an applicant does not complete the monitoring information on the application and they do NOT mark they do not wish to provide it.

1. Should we complete the information based on surname if we NEVER see the applicant?
2. If we see the applicant, prior to closing, should we obtain the information based on visual?
3. What if the application is taken by mail, internet or telephone and the applicant did not check anything---what is the bank's responsibility?

Thanks for the help .

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Lending Compliance
#582167 - 07/11/06 07:33 PM Re: Monitoring Information Based on Visual/Surname
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
1. No. You only complete the information if it is a face to face application. You mark it as not provided.

2. That depends. If you talk to the applicant during the application process then you are required to request the information. If the only time you see the applicant is at the closing then you are not required to do so.

3. For mail and Internet applications you may use not provided. For telephone applications you are required to request the information at the time you take the application.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#582168 - 07/11/06 07:34 PM Re: Monitoring Information Based on Visual/Surname
TB 12 Offline
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TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
If the application is taken face to face, the option to provide must be given to the customer-if they choose not to provide, the loan officer needs to make their best guess based on visual observaiton and surname. If the app is taken by mail, internet or telephone, you would indicate not furnished if the customer did not provide it.
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#582169 - 07/11/06 07:45 PM Re: Monitoring Information Based on Visual/Surname
lvm Offline
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Joined: Mar 2005
Posts: 200
Monitoring information should be asked on telephone application, isn't it?

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#582170 - 07/11/06 07:51 PM Re: Monitoring Information Based on Visual/Surname
TB 12 Offline
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TB 12
Joined: Feb 2005
Posts: 6,559
Foxboro
Quote:

Monitoring information should be asked on telephone application, isn't it?




Yes, it would be asked for on a telephone app. I wasn't clear enough on that in my response-
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Best QB Ever. Worst Defense Ever.

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