Updated Applications

We are in the process of changing our consumer loan application system and I think I know this answer but may be overthinking it. I know that there is no regulatory requirement for a consumer application to be signed but the bank procedures are as follows. For a face to face application, we require the application to be signed and the intent for joint applicant discloser be initial by the customer. For an application taken by phone, the lender reads the intent for join applicant to the applicant, dates and notates the response. We then require the applicant to sign the application at loan closing. If we take an application face to face and the applicate doesn’t qualify for the terms they apply for and we change the terms, does the application need to be updated and resigned or can we use the old application?

On run of the mill consumer loans, I think most banks would just document the file regarding the counteroffer and move on if not sending a formal counteroffer to the consumer and they would not bother with an updated application.