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App Initial Disclosure-Joint Intent Notice (ECOA)

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Question: 
In our residential mortgage loan application in process, an application was completed (6 pieces of information collected) on 2/28. Our lender mailed out the initial disclosure package on 3/1. This package includes the loan application which contains our joint intent notice. Is this in compliance with ECOA given that the notice was not mailed on 2/28, or is it acceptable to send it on 3/1? "..3. Evidence of joint application. A person's intent to be a joint applicant must be evidenced at the time of application. Signatures on a promissory note may not be used to show intent to apply for joint credit. On the other hand, signatures or initials on a credit application affirming applicants' intent to apply for joint credit may be used to establish intent to apply for joint credit. (See Appendix B.) The method used to establish intent must be distinct from the means used by individuals to affirm the accuracy of information. For example, signatures on a joint financial statement affirming the veracity of information are not sufficient to establish intent to apply for joint credit."
Answer: 

You are right that joint intent documentation is to be completed at the time of application. However, you're mixing Reg Z (TRID's definition of application being 6 items) and Reg B's (a request for credit . . .). Joint Intent is not triggered by a "completed application" but rather by the (initial) application - the original request for credit.

The loan officer should have documented the applicants intent to apply jointly when they initially started the mortgage application - probably 2/28th or sooner. You don't have to have a "joint intent notice" to comply with ยง1002.7(d). The loan officer can ask about their intentions and simply document it. Maybe they've done that and are using the form sent on 3/1 to firm up what they documented.

First published on 07/29/2018

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