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Sharing Information From Co-applicants With Co-applicants

Answered by: 
Lucy Griffin

Question: 
When you have several individuals (4 or 5) who are all co-applicants, may we discuss all applicant's financial information with the primary applicant since all applicants will be personally liable. For instance, the financial information we are lacking to make a credit decision or why we cannot approve the loan request because of insufficient combined income to service all of the applicant's debts?
Answer: 

Yes. In revising Regulation B, the Fed clearly stated that sharing information between applicants is permissible because you may presume that they have waived privacy issues between each other.

First published on BankersOnline.com 04/21/03

First published on 04/21/2003

Filed under: 
Lending
Filed under lending as: 
Privacy

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