If we have a loan for a married couple applied for as joint credit. Then one spouse opens new loan as an individual, are separate/individual files required for each loan documentation?

Sorry, I don't understand. Loan files would be required to support each loan?? What does one loan have to do with the other??

To clarify: Joe and Jody Smith have a loan applied for as joint credit. Then Joe Smith applies for a different loan as individual credit. My question is for the banks filing system can the 2 loan documents be placed in the same file or must we create 2 separate files, one names Joe and Jody Smith, the other Joe Smith.

I would advise separate files. If I apply for individual credit you have no right, unless you are in a community property state, to review any loans that may be out in my spouse's name. You only have the right to review our joint accounts.

I agree with Dan. If they are true separate loans, you should not use documents signed as joint.

Besides the laws regarding joint vs single, who's going to know that you have all the docs in one file and/or which one file that is?
Every loan should be treated as a seperate entity.
Ex: If a husband and wife came in and wanted to refinance each of their three of income properties, each of the three loans would be an entirely seperate file, right? The only common doc might be the cbr which you wouldn't have to run three seperate times.