Regulation B is a little unique in that it defines both an “application” and a “completed application”. An application is 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. This is very broad and what we like to call the initial application. A completed application is an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested…. If you have enough information to make a decision, you have a completed application. Confusion arises because certain requirements are triggered when you have an application (joint intent, appraisal notice, etc.) and others are triggered by a completed application (30-day clock). This can get even more muddy as other regulations like TRID and HMDA do not always line up with Regulation B’s definitions.
Jerod explains more in the video.
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