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disclosure of loan payoff in a re-fi

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  • January 8, 2016 at 11:16 am EST #8674
    mcarey
    Participant

    If we are going to do a re-fi of a mtg loan and we are not sure of the date of the loan closing but we plug in a date to estimate the payoff for the LE and then the loan closing happens later or the customer makes a payment changing the payoff are we required to re-disclose the LE?

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  • January 11, 2016 at 1:22 pm EST #8677
    rcooper
    Member

    I would consider it a changed circumstance and re-disclose if it were to cause a charge to be out of tolerance. If it isn’t affecting any charges, then re-disclosure isn’t necessary.

    January 11, 2016 at 1:23 pm EST #8678
    rcooper
    Member

    I would consider it a changed circumstance and re-disclose if caused any charges to be out of tolerance. If it did not affect any charges it would not need to re-disclose.

    January 11, 2016 at 1:25 pm EST #8679
    rcooper
    Member

    I would consider it a changed circumstance and re-disclose if caused any charges to be out of tolerance. If it did not affect any charges it would not need to re-disclose.

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