Posted By: Newly Southerner
Uniform Residential Loan Application by phone - 08/30/11 04:17 PM
Are we allowed to take Uniform Residential Loan Application by phone?
Posted By: swiggles
Re: Uniform Residential Loan Application by phone - 08/30/11 04:23 PM
Sure! We take the majority of ours by phone.
Posted By: swiggles
Re: Uniform Residential Loan Application by phone - 08/30/11 04:41 PM
FYI...we check the box for ap "taken by phone" and if the loan is approved, the borrower signs a "final" updated application at closing....with verified income, etc.
Posted By: Carolina Blue
Re: Uniform Residential Loan Application by phone - 08/30/11 05:56 PM
Also, make sure procedures and training ensure loan officers are asking for joint intent and GMI and doucmenting the responses.
Posted By: swiggles
Re: Uniform Residential Loan Application by phone - 08/30/11 06:13 PM
I've always doubted that they do it, but the officers would also need to read the entire HMDA disclosure to the applicant(s) before asking the GMI questions.