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Just curious…both our Loan Origination and Deposit Account Opening software now include a TCPA “Consent for Accounts” form. It is a consent form for the customer to sign for us to contact by phone, text or email. I have no objections to the form in general; it could be seen as a Safe Harbor measure. However, if we are NOT using auto-dialers and we are not making telemarketing calls, is the form actually required? We are having a debate with a third-party who provides an on-line service for us that currently does not allow the customer to elect/fill-in information in a disclosure. Thoughts?
If the loan and fees will never reach 36% MAPR, do you need to verify if you have a covered borrower?
I have a different scenario. We have a loan that is consumer purpose that is available online. The decision is made using account history or a credit report. It’s an automated process. I contend that this is a covered product. However, there’s a debate going on with a vendor: They are saying that as long as a loan “falls below the 36% rate cap, you don’t have to do covered borrower lookups.”
According to the regulation, there are very specific exceptions to the rule. If a loan is consumer purpose, and is not any of the exceptions noted in i-iv, wouldn’t you have to verify if an applicant is a covered borrower before you could determine if MLA applied? Where is there an exception for loans that “fall below 36%”?
There’s a debate going on with a vendor: They are saying that if a loan “falls below the 36% rate cap, you don’t have to do covered borrower lookups.”
According to the regulation, as noted in the reply above, there are very specific exceptions to the rule. If a loan is consumer purpose, and is not any of the exceptions noted in i-iv, wouldn’t you have to verify if an applicant is a covered borrower before you could determine if MLA applied?
