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Internet Based Loan Applications

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Question: 
Do we need to be concerned if we do not receive a notice of intent to apply for joint credit for internet based loan applications? Our current loan applications have a separate check box to be initialed or this document is signed independently of the loan application.
Answer: 

The joint intent must be established at the time of application and there are no exemptions for mail, telephone or internet applications. So yes, you need to be concerned. You should have a box for them to check to electronically state their intentions for joint credit.

First published on BankersOnline.com 12/15/08

First published on 12/15/2008

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