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#1417512 - 07/20/10 07:04 PM Consumer Applications
lilbit Offline
Member
lilbit
Joined: Feb 2010
Posts: 64
Is there anyone using the Consumer Loan Application with the "Federal Notice for Sale of Insurance" built into it. We are currently giving this disclosure seperate from our application but wanted to go to the combined. Any pros and cons would be very appreciated. Any vendor suggestions would be appreciated.

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Lending Compliance
#1417559 - 07/20/10 07:51 PM Re: Consumer Applications lilbit
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,390
Are you referring to the Credit Disclosure required by Consumer Protection in Sales of Insurance. The regulation requires that the bank retain a signed copy (or make reasonable effort to obtain a signed copy) and provide the applicant with a copy to keep. So if you place it on the application form, you would have to remember to give the applicant a copy of the application. We have the disclosure actually on the application form so that when the applicant signs the application, we have a signed copy to keep. But with the application form is a second stand alone copy of just the disclosure (no signature lines) and the lender gives that copy to the applicant for the appicant's copy to keep.
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