An MLO receives a loan application where the borrower's name is listed as 'John Smith Jr.' but their Social Security card shows 'John Smith II.' The borrower explains these refer to the same person. How should this discrepancy be handled for application purposes?
Correct Answer
B) The application is complete but requires name clarification documentation
The application can be considered complete for TRID purposes, but the name discrepancy must be resolved with appropriate documentation. The borrower should provide clarification, such as a driver's license or other identification, to confirm their legal name and ensure consistency across all loan documents.
Why This Is the Correct Answer
The application can be considered complete for TRID purposes, but the name discrepancy must be resolved with appropriate documentation. The borrower should provide clarification, such as a driver's license or other identification, to confirm their legal name and ensure consistency across all loan documents.
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