Auditing Bank Sold Insurance

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Question:

We receive submitted applications from our website that are considered complete per TRID. Upon receiving the submitted application, we attempt to directly contact the applicants by phone or email regarding the application and items needed to make a loan decision. If we do not receive any contact from the applicant, what are the notification requirements? Should the app be considered incomplete and we send a Notice of Incompleteness and if there is still no response by a certain date, we can close the file? Also, what would the timing requirements be to send the notice and then to be able to close the file?

Answer:

1 - Must either deny the loan for an incomplete application or provide the LE within 3 business days from receipt of the application.
2 - If LE provided then within 30 calendar days from receipt of the incomplete application you need to provide an AAN for an incomplete application or provide the Notice of Incompleteness.