Posted By: Compliance Lover
Monitoring Info Collected in Error - 12/17/09 09:32 PM
I've found a couple of instances where the customer completed the gov't monitoring information on a RE application when the loan turned out to be personal purpose, secured by their dwelling. I hope that would fall under the section 202.13 in Reg B that talks about "inadvertent notation". Should the loan officer or whoever gives the application ask about "purpose" (not just say real estate or consumer application?) to make sure they have them complete the correct application? What do other banks do about making sure the customer is given correct application?