What documents or information constitute an “application” for a mortgage loan?
The term “application” is not defined in the Act. It is the Commissioner’s opinion, however, that consistent with Regulation B of the Board of Governors of the Federal Reserve implementing the Equal Credit Opportunity Act and the Regulation X of the Department of Housing and Urban Development implementing the Real Estate Settlement Procedures Act, documents or information become an application when a lender has sufficient information with which to make a credit decision regarding a specified parcel of real property.
