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Freddie Mac Permits Lenders To Document Intent To Apply Jointly For Credit On The Uniform Residential Loan Application, Form 65

June 30, 2004

On March 18, 2003, in the official commentary to Regulation B, Commentary to Reg. B, Section 202(7)(d)(1)-3 from Section 68 of the Federal Register, the Federal Reserve Board set forth certain guidance to lenders intended to promote fairness in lending. The Federal Reserve Board Commentary, effective April 15, 2004, has been clarified to direct that loan applications should indicate whether a residential loan application is for joint or individual credit. Intent to apply jointly for credit must be evidenced at the time of application and documented in some fashion.

Given the guidance set forth in Regulation B, Freddie Mac is not revising Form 65 to provide for information regarding a joint credit application. However, in response to inquiries from Seller/Servicers about the recent change in the Commentary to Regulation B, Freddie Mac will permit lenders to document the applicants' intent to apply jointly for credit on page four of the form.

In addition, there are other approaches that are acceptable for documenting the applicants' intent to apply jointly for credit, such as including the applicants' intent to apply jointly on a separate document.

Lenders should have qualified legal counsel review the manner in which the applicants' intent to apply jointly for credit is documented to ensure compliance with applicable law.

Source: Freddie Mac

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