Under 12 CFR §1002.7(d)(1), creditors do not consider the mere submission of a joint financial statement or other evidence of jointly held assets as an application for joint credit. While not required under Federal law, “Notice of Intent to Apply for Joint Credit” (Cx3393) is provided in ConformX Initial Disclosure packages so lenders can receive clarification as to whether borrowers who are providing evidence of jointly held assets are applying for joint credit.
12 CFR §1002.7(d)(1) does not require an affidavit or other notarized statement of intent as evidence of intent to apply for joint credit. Therefore, Cx3393 has been modified to remove the notary acknowledgment section. In addition, its title has been changed from “Affidavit of Intent to Apply for Joint Credit” to “Notice of Intent to Apply for Joint Credit”.
The changes to cx3393 will take effect on November 8, 2012. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 31, 2012