We often get the question, “will one statement of joint intent signed by the applicants cover all extensions, modifications, renewals to that loan?” The answer is “No”. Extensions, modifications and renewals are technically additional requests for credit and the joint intent rules apply to all extensions of credit. Although bankers and examiners are much more knowledgeable on the joint intent rules than they were 5 years ago, you don’t want to let your guard down! If you’re not getting joint intent right, you may very well have some fair lending issues as a result. We have seen several court cases in the past few years related to joint intent failures.
We will be covering the ins and outs of the Regulation B-Joint Intent Requirements on March 8, 2018. Be sure to join us!
Dave explains more about the Joint Intent webinar below.
Before you can collect joint intent, you need to know if you have an application and who your applicants are. We will be hosting a webinar on Applicants & Applications tomorrow, March 1st. Let Dave explain it to you!
Sign up here – https://store.bankerscompliance.com/link/app3-18
David’s banking career began as a field examiner for the FDIC in 1990. He later became a Compliance Officer and Loan Officer for a small bank. In 1993, he established Banker’s Compliance Consulting. Along with his amazingly talented Team, he has written numerous compliance articles for prestigious banking publications and has developed compliance seminars that Banker’s Compliance Consulting produces.
He is an expert in compliance regulations. He is also a motivational speaker and innovative educator. His quick wit and sense of humor transforms the usually tiring topic of compliance into an enjoyable educational experience. David is on the faculty of the American Bankers Association National Compliance Schools and has served on the faculty of the Center for Financial Training for many years. He also is a frequent speaker at the ABA’s Regulatory Compliance Conference. He is also a trainer for hundreds of webinars, is a Certified Regulatory Compliance Manager (CRCM) and has been a BankersOnline Guru for many years. The American Bankers Association honored David with their Distinguished Service Award in 2016.
David and his wife Karen have three adult children, four grandchildren (none of whom live at home!) and two cats (of which Dave is allergic … the cats, not the children!). They recently moved to an acreage outside of Lincoln, Nebraska where he gets to play with his tractor. When possible David can be found fishing, making sawdust in his shop, or playing the guitar and piano. He also enjoys leading worship at his church.