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#1172218 - 04/29/09 03:41 PM Who should get ECOA ANN on Business Applications
TEL Offline
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Joined: Feb 2009
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Regarding Business Purpose Loan Applications: Regarding Reg B - 202.9 - Notifications, does the definition of "applicant" include required guarantors, endorsers, and similar parties as far a who should be sent an AAN? Also, if the AAN is sent to these multiple parties, should the reasons be same for all parties (specifying if the reason relates to a guarantor, etc.)?

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#1172423 - 04/29/09 05:25 PM Re: Who should get ECOA ANN on Business Applications TEL
RR Joker Offline
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RR Joker
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The Swamp
if the loan is to the business with guarantor(s), you only need to notify the president of the business. You will include the ECOA and then mark "disclosure inapplicable" for the FCRA section. Mark the "other box", "credit history of guarantor"
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#1172929 - 04/30/09 12:46 AM Re: Who should get ECOA ANN on Business Applications RR Joker
rlcarey Offline
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rlcarey
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Galveston, TX
"you only need to notify the president of the business."

Actually you would address it to the business and mail it to the business address that was provided.
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#1173011 - 04/30/09 12:24 PM Re: Who should get ECOA ANN on Business Applications rlcarey
RR Joker Offline
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RR Joker
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The Swamp
Sorry, I took that straight out of Banker Tools on BOL. I assumed it would be addressed to the business, but do feel it should be sent to the attn of the President/CEO and not just generically to the business due to the nature of the info.
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