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We were discussing the changes coming in August.
Example- If a borrower wants a 30 yr fixed loan but will not qualify (and we already issued out the LE) but would for example would qualify for a in house 20 yr ARM we would deny with counter offer. My question relates to the loan number on the forms. It would have to stay the same if they accepted it correct? So if we changed it internally (due to counter or borrower requested) what would be the impact on the new loan estimate? This conversation came about because it gets very confusing when we make such changes instead of starting over (in our LOS), but I think if we start over it would have a different loan number on the LE. Any thoughts?
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You are correct and I understand how this will cause a headache for the bank. This is probably a conversation you should have with your LOS to determine what your options are and what their capabilities will be.
Also, if will you post your question under our LOS forum and include the name of your vendor, during our next CMG sessions we’ll ask the group if they have any information they can provide.
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