Collecting Monitoring Information During Phone Applications

Answered by:

Question:

Do loan officers need to collect government monitoring info even if the application was taken via phone?

Answer:

Recent changes now in effect require that you request the government monitoring information, even for applications taken over the telephone. If it is refused and you do not have visual observation prior to closing (approved loans) you are not penalized for not having it.

This may not be the opinion of my employer and should not be relied upon as legal advice.

First published on BankersOnline.com 04/07/03