You won’t find anything in the compliance regulations that specifically requires you to document the loan application date within your loan file. In fact, having a written loan application is only required in a small handful of circumstances. That said, there are times you need it (e.g., HMDA reporting). So while failing to document the loan application date isn’t necessarily a violation, having it can save you from violations of other regulatory requirements.
Jerod explains more in the video.
Published
2023/11/17