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Joint intent and phone apps

Question: 
On telephone applications, what if the spouse is not on the phone at the time of application? How do you capture the absent spouse's specific intent in that scenario?
Answer: 

The joint intent rules do not require you to verify intent with each applicant. It is an industry standard that one borrower can represent the interest of another borrower. In my opinion, verifying with each party is not only burdensome to lenders but also horrible customer service. In most cases, having a lender document the date of application, who they talked to and who the joint applicants will be, is sufficient. There could be instances when a lender might want to verify with each party, for example, if it doesn’t make sense the two parties would be applying together. I would expect that these scenarios would be the exception, not the rule.
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Learn more about David Dickinson’s webinar Documenting Joint Intent

First published on 09/04/2016

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