Blank Loan Applications on Hand

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Question:

Are banking lenders required to have blank loan applications (1004) available upon request for mail-in applications, when we only take applications via internet or call center? We currently have them available, but would like to discontinue.

Answer:

No, you are not required to accept any application by any means other than specified in your policy and procedures. However, make sure you don't have a loan officer or other employee that slips one by, because once you do, you will then accept mail-in applications.

First published on BankersOnline.com 6/28/10