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#1994285 - 02/06/15 08:08 PM Commercial Borrower, Application, Joint Intent
Compliance Lover Offline
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Joined: Aug 2008
Posts: 555
Our commercial borrowers are not required to complete loan applications, however, many times there is an individual co-borrower. Shouldn't this require a statement of joint intent at a minimum?

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#1994289 - 02/06/15 08:18 PM Re: Commercial Borrower, Application, Joint Intent Compliance Lover
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,775
Bloomington, IN
If two or more persons are applying for joint credit then the intent must be documented.

See the definition of a person at 1002.2(x) and its Commentary.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1994298 - 02/06/15 08:31 PM Re: Commercial Borrower, Application, Joint Intent Dan Persfull
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Joined: Aug 2008
Posts: 555
So if the company is the applicant and the individual owner of the company is also the co-borrower (not just a guarantor) then do they sign/initial for both?

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#1994337 - 02/06/15 09:34 PM Re: Commercial Borrower, Application, Joint Intent Compliance Lover
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,775
Bloomington, IN
If the company and the individual are applying for joint credit then you must document their intent.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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