Posted By: Dodge
Completing a Loan Application - 02/27/15 06:52 PM
I have instructed Loan personnel what fields must be completed on a Consumer Purpose Dwelling secured loan application.
The problem that I have with our Loan personnel is that they want to complete the application on behalf of the customer because it is faster and as a customer service. When this is done, the liability section is never completed. When asked for the liabilities to be completed by the customer the Loan Officer states it's on the credit report.
I understand that listing the liabilities on the application that are stated on the credit report, is over kill, but due to the ability to repay rules I want the customer to completely fill out the application. We do have a bank in our market area that does not report to a credit bureau.
Do other banks let the Loan Officer or Assistant complete the application on the customer’s behalf? Is it that big of deal if the liabilities on the credit report is also listed on the application?
The problem that I have with our Loan personnel is that they want to complete the application on behalf of the customer because it is faster and as a customer service. When this is done, the liability section is never completed. When asked for the liabilities to be completed by the customer the Loan Officer states it's on the credit report.
I understand that listing the liabilities on the application that are stated on the credit report, is over kill, but due to the ability to repay rules I want the customer to completely fill out the application. We do have a bank in our market area that does not report to a credit bureau.
Do other banks let the Loan Officer or Assistant complete the application on the customer’s behalf? Is it that big of deal if the liabilities on the credit report is also listed on the application?