Loan Officer Signing Phone/Mail Applications

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Question:

When should a 1003 loan application be signed by the loan officer (the "interviewer") in the case of mail or telephone applications? Some of our staff says at the time the loan officer sends the application to the applicant, others say at the time the signed application is received back from the applicant. What is your opinion? What do the regulations say?

Answer:

The regulations do not address this, nor do they require the application to be signed by the loan officer.

First published on BankersOnline.com 7/17/06