FORUM PROFILE

Changed Circumstance or Denial/Counteroffer?

Tagged: ,

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • August 20, 2015 at 9:32 am EDT #7318
    Kristin
    Member

    If we receive an application for a purchase loan:
    Purchase price $200,000 with a loan amount of $160,000 but the appraisal comes back at $190,000 therefore changing purchase price to $190,000 and loan amount to $152,000 can this just be treated as a changed circumstance or do we need to send a denial/counteroffer letter or both? Where can we draw the line or is there even a line to draw since each comes from a different regulation?

    August 21, 2015 at 11:55 am EDT #7323
    rcooper
    Member

    Per Regulation B, I would issue a counteroffer and since this would be considered a changed circumstance, also issue a revised GFE per the those rules.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.