Regulations, like Regulation B, TRID and HMDA, define what constitutes an application for their purposes. For example, TRID says once you have six specific pieces of information, you have an application. HMDA and Regulation B state that an application can be either an oral or written request and, while this puts to rest the notion that all applications must be in writing, Regulation B goes a step further and mandates written applications in certain instances.
Specifically, written applications are required …for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling… This doesn’t necessarily mean the applicant needs to fill out an actual application form (although it’s what most do). It could be as simple as a loan officer making notes following a phone application.
Jerod explains more in the video.
Published
2025/05/09