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Loan decisions for joint owners of consumer accounts

Consumer applications count deposit activity from every personal checking account the applicant is on, including joint accounts. Because of this, the activity in a joint account can support only one consumer loan at a time through Autobooks.

Note: The joint account rule does not apply for business loans, as they are qualified on the business checking account only.

How joint accounts are counted

The system looks up a consumer applicant by name, date of birth and Social Security number. It finds every personal checking account the person appears on at your financial institution and adds their deposits activity to the cash flow calculation.

The one loan rule

A person can have one active consumer loan at a time. Because all deposit activities are counted to the calculation on a given loan, joint owners of any accounts used in that calculation cannot use the same deposit activity to qualify for another loan through the Autobooks interface.

Note: An applicant who already has an active loan receives an adverse action notice if a joint owner applies for another loan through the interface.