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Section 1002.9(c)(2) Notice of Incompleteness in Reg B states
“(2) Notice of incompleteness. If additional information is needed from an applicant, the creditor shall send a written notice to the applicant specifying the information needed…”
Can we be generic in stating the information that is needed in accordance with the 8 requirements of ATR or do we have to be specific as to the exact document?
For example, can we state “proof of income” or do we need to list W-2, pay stubs, etc?
Thank you.
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We have had technology issues with updates to our website and our forum has been down since Friday afternoon. I did respond to this question early Friday afternoon, but I see my reply isn’t showing up. I apologize for the inconvience. We now have the problem corrected and the forum is working properly. Please see my response below.
You need to include the specific information you need from the applicant in order to evaluate the application. If that is specific documents you should define those so the applicant know what he/she needs to provide.
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