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Spouse Not on the Loan - Collecting Spousal Info

Answered by: 
Dan Persfull

Question: 
I had a loan officer take an application for an individual and on the application he has checked individual credit under the type of credit requested. The customer then sent us a PFS with both he and his wife's information on it and the loan officer had a credit report pulled for both husband and wife, even though her name and information is not on the application or the note/loan. What are the guidelines on collecting that information on the spouse and not using it for the loan?
Answer: 

If it was for individual unsecured credit and if you are not located in a community property state, the spousal information should not have been obtained nor should their credit report have been pulled. You will find additional guidance in Reg B 202.5(c) and its Commentary.

First published on BankersOnline.com 8/11/08

First published on 08/11/2008

Filed under: 
Compliance
Filed under compliance as: 
Credit Report
IT

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