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Re: And then ...
Posted by Bear900/CA of CA on 9/24/21 2:27pm Msg #635360
"then why do they just list one of the borrowers on each of those pages?"

Perhaps the best statement/question on this post, and also perhaps the key to what's going on IMO.

This will go nowhere with most NSA's but if that question lingers in your mind the answer starts with ECOA, the Equal Credit Opportunity Act.

LO's have been 'required' for some years now to ask up-front, before taking an app, if the customer is applying for joint or single credit. Honestly, I don't know where this ever happens. So immediately, ECOA laws are broken. So let's keep everyone honest and put the question right on the app, at the very beginning, and have the customers acknowledge it with their initials. To me, that question is isolated from the rest of the concerns on the app, so why not have both parties initial one spot? But there's two apps right? Here's where the hand is quicker than the eye...

If you really want to get into it, start comparing some joint credit apps and look at the assets and credit sections. Are they different or the same? Ahaa....

If they choose to use the same assets and credit, those only need to be input on the *first borrower's app*, not repeated on the 2nd app. Though redundant, the 2nd app remains separate for ECOA and other purposes, but the information does not have to be repeated. This sort of app, can also be a 'run-on app' with continuous pages. I believe both signatures on this sort of app cab be in the same place, so why not initials too. I'm not certain. Just thinking out loud.

When an additional borrower lists different assets and credit, you have another whole story, and another whole app. In fact, it's called an 'additional borrower app'. Probably can't combine initials in that case, IMO.

So who cares? I do, and obviously you are curious enough too. The mystery of 'dual' joint credit initials may fall somewhere between all of that if it's indeed a new reality.
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Messages in this Thread
 My big mistake. So,,,,I thought each BWR is to initial - Alz on 9/23/21 1:28pm
 Re: My big mistake. So,,,,I thought each BWR is to initial -  Yoli/CA on 9/23/21 1:42pm
 And then ... -  Yoli/CA on 9/23/21 1:45pm
 Re: And then .. n/m - Lee/AR on 9/23/21 2:15pm
 Oops..Agree w/Yoli and Who's the Lender? n/m - Lee/AR on 9/23/21 2:16pm
 BBVA USA n/m - Alz on 9/23/21 2:48pm
 I agree, too, always done it that way. No issues so far. n/m -  JanetK_CA on 9/23/21 3:23pm
 Re: And then ... - Bear900/CA on 9/24/21 2:27pm
 Thank you. I think this was just one of those - Alz on 9/26/21 4:48pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - Alz on 9/23/21 2:48pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - Luckydog on 9/23/21 2:56pm
 Not your mistake--their's. It just shows that many of these -  MW/VA on 9/23/21 3:54pm
 Re: Not your mistake--their - pdl/cali on 9/23/21 9:22pm
 Re: My big mistake. So,,,,I thought each BWR is to initial - CCW/MN on 9/24/21 8:03am
 Re: My big mistake. So,,,,I thought each BWR is to initial - Luckydog on 9/24/21 9:19am
 Anything worth doing is worth over-doing n/m - jnew on 9/24/21 12:56pm
 Why is it wrong? - Bear900/CA on 9/24/21 1:47pm
 This might help n/m - anotaryinva on 9/24/21 1:57pm
 Oops - anotaryinva on 9/24/21 2:01pm
 Re: Oops - Bear900/CA on 9/24/21 2:33pm
 That is the correct way n/m - Luckydog on 9/26/21 1:58pm
 Until told otherwise by the the lender - their call. n/m - Bear900/CA on 9/26/21 7:05pm
 #7 - Waiting for contact info from TC. n/m - Alz on 9/26/21 4:59pm
 They won't know. Only the lender will. n/m - Bear900/CA on 9/26/21 7:00pm
 Oops - contact info is right on the 1003 - Bear900/CA on 9/26/21 7:03pm
 Yes, the TC gave me the information. No I do not print. n/m - Alz on 9/27/21 11:10am
 Will an update n/m - Alz on 9/27/21 11:11am
 I mean. I will update everyone later n/m - Alz on 9/27/21 11:11am
 Yes it is acceptable! - Bear900/CA on 9/27/21 11:16am
 Re: Yes it is acceptable! -  JanetK_CA on 9/27/21 2:37pm
 Re: Yes it is acceptable! - Bear900/CA on 9/27/21 3:58pm
 Love it when lenders leave instructions for this kinda stuff -  JanetK_CA on 9/28/21 2:39pm



 
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