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January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer

February 2, 2015
Answer HSA Questions with Confidence
Whitney Johnson

February 3, 2015
BSA/AML Compliance: Recent Developments and Common Errors
Ken Golliher

February 4, 2015
Mortgage Life Cycle
Part II
David Dickinson and Jerod Moyer

February 5, 2015
Annual Lending Compliance Recap
John Burnett and Andy Zavoina



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#1669124 - 02/23/12 02:54 PM Approved ARM to 30 yrs fixed
YVeitia Offline
Junior Member

Registered: 08/17/11
Posts: 30
Borrower submits application for ARM loan which gets approved but not accepted. Borrower requests 30 years fixed instead, file goes back to underwriting, new disclosures are furnished and borrower accepts. Would you report the approved and not accepted ARM and also report the approved and accepted 30 years fixed? My gut feeling tells me to report only the approved and accepted 30 years fixed. Thanks for your input.
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CRCM,CAMS

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HMDA
#1669145 - 02/23/12 03:12 PM Re: Approved ARM to 30 yrs fixed [Re: YVeitia]
RR Joker Offline
10K Club

Registered: 11/15/02
Posts: 16557
Loc: The Swamp
I would think you would report both.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1669150 - 02/23/12 03:29 PM Re: Approved ARM to 30 yrs fixed [Re: YVeitia]
David Dickinson Online
10K Club

Registered: 11/28/00
Posts: 14290
Loc: Central City, NE
Sounds like 2 separate applications to me - both should be reported. Doesn't sound like a negotiation.
_________________________
David Dickinson
http://www.bankerscompliance.com

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#1669158 - 02/23/12 03:23 PM Re: Approved ARM to 30 yrs fixed [Re: David Dickinson]
YVeitia Offline
Junior Member

Registered: 08/17/11
Posts: 30
Thanks guys,
_________________________
CRCM,CAMS

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#1669359 - 02/24/12 08:55 AM Re: Approved ARM to 30 yrs fixed [Re: YVeitia]
Dan Persfull Offline
10K Club

Registered: 08/28/02
Posts: 41351
Loc: Bloomington, IN
I am going to offer a differing opinion based on how I'm reading the original post.

Applicant applies for an ARM loan. It is approved but the applicant changed their mind and requested the terms be changed to a fixed rate product. The requested changes are approved and the loan is consummated.

We would treat this as an amended application and only report the origination.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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