The first thing that came to mind is a current requirement that I'm sure 99% of LOs don't follow or perhaps even know.
BEFORE the LO can put pen to paper (on the 1003) they must ask if the borrower is applying for single or joint credit. That didn't use to be.
If you look at the top of the 1003 there are two boxes, one stating that income and assets of the co-borrower will be used, the other stating income and assets of the co-borrower will not be used. How do you separate that among co-borrowers? I can only think of a separate 1003. |