Challenges in the Real Estate or Dwelling Loan Application Process

Financial Institutions

December 28, 2015

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Ever look at a real estate or dwelling loan file and see the early disclosures were mailed at a date not within three days of the customer’s signature on an application?  Or found a credit report or a loan presentation dated prior to the lender’s noted application date?  These are situations that we find more often than one would expect when completing compliance reviews.  The time lending staff spend trying to remember what occurred, creating missing documents, or changing existing documents sometimes takes more time than it does for us to review the entire file.  This situation could be easily remedied by simply having clear procedures on documentation of the application date. 

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