We believe that your bank may rely solely on the joint applicants’ signatures at the top of Form 1003 as evidence of their intent to apply for joint credit. Although your bank may choose to have applicants for joint credit sign a separate document indicating their intent to apply jointly, we do not believe it is required.

The Official Interpretations to Regulation B state that “[a] person’s intent to be a joint applicant must be evidenced at the time of application” and that “signatures or initials on a credit application affirming applicants' intent to apply for joint credit may be used to establish intent to apply for joint credit.” However, “the method used to establish intent must be distinct from the means used by individuals to affirm the accuracy of information” in the application, such as “signatures on a joint financial statement affirming the veracity of information.”

Consequently, we believe that joint applicants signing the statement of joint intent on page one of Form 1003 would be sufficient to establish their intent to apply for joint credit. The signature box on page one of Form 1003 is distinct from the signature block on page five, requiring applicants to affirm they understand that making false statements is a federal crime, so we would consider the signature box on page one to be “distinct from the means used by individuals to affirm the accuracy of information” in the application.

For resources related to our guidance, please see:

• Form 1003, Uniform Residential Loan Application, Page 1 (“If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit (sign below): . . .”)

• Form 1003, Uniform Residential Loan Application, Instructions (“Continuation Sheet/Residential Loan Application — Lenders may amend this section by including space to evidence intent to apply for joint credit. Other approaches, such as including this information on a separate document, are also acceptable to Fannie Mae, provided they meet the requirements of applicable law. Lenders should consult counsel to determine their alternatives.”)

• Regulation B, 12 CFR 1002.7(d)(1) (“Except as provided in this paragraph, a creditor shall not require the signature of an applicant’s spouse or other person, other than a joint applicant, on any credit instrument if the applicant qualifies under the creditor’s standards of creditworthiness for the amount and terms of the credit requested.”)

• Official Interpretations, Regulation B, 12 CFR 1002, Paragraph 7(d)(1), Comment 3 (“A person’s intent to be a joint applicant must be evidenced at the time of application. On the other hand, signatures or initials on a credit application affirming applicants’ intent to apply for joint credit may be used to establish intent to apply for joint credit. (See appendix B.) The method used to establish intent must be distinct from the means used by individuals to affirm the accuracy of information. For example, signatures on a joint financial statement affirming the veracity of information are not sufficient to establish intent to apply for joint credit.”)

• Form 1003, Uniform Residential Loan Application, Page 5 (“I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq.”)