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October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

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Understanding USPAP and Regulatory Guidelines for Appraisal and Evaluation Compliance Reviews;
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#1586036 - 08/01/11 04:04 PM change in term
nikki_compliance Offline
Gold Star

Registered: 03/19/10
Posts: 464
Loc: NM
we are wanting to do a change in terms to extend a payment to months out, customer is set up on an escrow accounts and has accrued interest (one month payment past due) would negative ammortization be an issue if we tried to do this also would we have to do anything with the escrow account?

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Lending Compliance
#1586126 - 08/01/11 06:30 PM Re: change in term [Re: nikki_compliance]
nikki_compliance Offline
Gold Star

Registered: 03/19/10
Posts: 464
Loc: NM
anyone????

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#1586157 - 08/01/11 08:01 PM Re: change in term [Re: nikki_compliance]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 50412
Loc: Galveston, TX
(2) No annual statements in the case of default, foreclosure, or bankruptcy. This paragraph (i)(2) contains an exemption from the provisions of Sec. 3500.17(i)(1). If at the time the servicer conducts the escrow account analysis the borrower is more than 30 days overdue, then the servicer is exempt from the requirements of submitting an annual escrow account statement to the borrower under Sec. 3500.17(i). This exemption also applies in situations where the servicer has brought an action for foreclosure under the underlying mortgage loan, or where the borrower is in bankruptcy proceedings. If the servicer does not issue an annual statement pursuant to this exemption and the loan subsequently is reinstated or otherwise becomes current, the servicer shall provide a history of the account since the last annual statement (which may be longer than 1 year) within 90 days of the date the account became current.

You need to visit with your legal counsel on how to structure the modification.
_________________________
The opinions expressed are my own, take them or leave them.

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