Prequalification, preapproval and prescreening — three terms that many of us are guilty of using interchangeably. But when it comes to regulatory compliance, the terms can have very distinct meanings and requirements depending on the context in which they are used. Also in today’s Anthem: Legal Briefs, and the Question of the Week: “Can a member cash a check made out to his/her spouse if that spouse is deceased?”
The regulatory alert reminds credit unions of the Consumer Financial Protection Bureau’s new rule on real estate appraisals and valuations under the Equal Credit Opportunity Act, and also serves as a reminder of the Jan. 18, 2014, compliance date.
On an application we received indirectly from a dealer, I noticed there was not a section for a joint applicant to evidence his or her intent of being a joint applicant. Instead, there was fine wording at the bottom where the co-applicant affirmed the accuracy of the information and evidenced his or her intent to be joint applicant. Is this okay?