Q: Do co-borrowers have to sign a statement of joint intent?
A: Regulation B requires co-applicants to indicate that they intend to be jointly liable at the time of application. Co-applicants are people who applied for the loan simultaneously. They are not people who agreed to become borrowers on the loan after the application was submitted because the original applicant did not qualify for the loan on their own. As a result, whether a co-borrower must sign a statement of joint intent depends on whether they were in fact co-applicants.
As a reminder, please keep in mind that the proper timing for obtaining a statement of joint intent is at the time of application.