Regulation B defines an application as an oral or written request for an extension of credit that is made in accordance with procedures used by a creditor for the type of credit requested. Your “procedures” aren’t necessarily only what you have written down or what’s stated in your loan policy. Your procedures include what you are actually doing in the real world. For example, your policy might say you only accept written applications but in reality your loan officers do take applications over the phone.
David explains more in the video
Published
2021/04/16