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Definition of a Complete Application

Answered by: 
Jim Bedsole

Question: 
Bankers at three locations take in loan applications and all of the documentation. While the customer dates the application the banker does not forward to underwriting until they have the complete application and required documentation (pay stubs, insurance), but we have a box on the application for the actual date received. Compliance is now telling me we need to add a definition of a complete application to the loan policy. Is there a standard definition of a complete application?
Answer: 

There is not a standard definition. Per Reg B, the definition of a completed application is all the documents normally considered by the institution in evaluating the application and making a credit decision. It's up to the institution to define what that consists of. The importance of this is that the date of completed application is what starts the clock ticking on notification of action taken under Reg B.

First published on BankersOnline.com 1/21/08

First published on 01/21/2008

Filed under: 
Compliance
Lending
Filed under compliance as: 
Applications
Filed under lending as: 
Applications

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