Can anyone share how they verify joint intent on online mortgage applications? Our system asks the borrower if they will be applying for credit individually or if there will be another borrower. Our external auditor is saying we need to have an acknowledgement for intent to apply for joint credit. I am not sure how else we can handle it. Thanks in advance.

JWills, we make sure that the applicants digitally sign the joint intent acknowledgement section on the top right of the application. If the application comes through without those digital signatures, our processors are trained to reach out the to applicants to have them re-sign the application. Just checking the boxes is not considered enough. Our system will even print the applicants' names in the signature line, but again, that is not considered enough. There must be digital or wet signatures to 'acknowledge' joint intent What system are you using?

We are using Mortgagebot.

We use Mortgage Builder, so I can't compare systems. Just remember that the LO is the key person here. The LO needs to inform the applicant about acknowledging joint intent. Training the LOs about this would be a good starting point. Educating the applicant becomes an important part of the LO's communication with them. If all else fails, require a separate Joint Intent form for the applicants to sign.

JWills, look at the Application Details pg 3. The Application Details show that the customers indicated joint intent. It also shows date & time disclosures were provided and other important information that you should keep in your loan file.

David Dickinson's answer here is a bit dated but still correct.
He and Randy answered a similar question as Gurus here.

We have the LO call for follow up and establish/verify that the applicant's intend to apply jointly (after they receive the online app). This is then documented on the 1003.

good luck!

What would you do if you were unable to verify with both? For example, if one of the borrowers completed the application for both? Are we to contact both borrowers by phone and then document the 1003?

You could, but it's not a requirement. Let me ask you: If I walk in with a completed application form containing info and signatures from my wife and I (including the joint intent boxes), do you call my wife to verify that she really wanted to apply? If you'll read the posts Truffle linked you to on 3/24/16, you'll find the answers to this question.

Thank you David.