A Loan Officer took an application by telephone, and the borrower failed to sign the acknowledgement to apply for joint credit on the application that was mailed for signature. How can joint intent be documented?
Answer: While it is always preferred that the borrower initial the joint intent statement on the application, there are times when the borrower fails to do so. Loan Officers should ask the borrowers this question during the initial phone application and document it in their notes. In the case where an application is returned without …
