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July 29
W-9, W-8BEN and W-8 BENE: IRS issues new forms and new rules;
Deborah Crawford

July 31
ACH Security Framework Rule - Small Rule, Big Implications;
Rayleen Pirnie

August 6
Part I
Flood Insurance: Requirements and Best Practices
A Two-Part Companion Webinar Series;
David Dickinson and Jerod Moyer

August 12
A to Z of Reg E;
Andy Zavoina

August 13
Part II
Flood Insurance: Requirements and Best Practices
A Two-Part Companion Webinar Series;
David Dickinson and Jerod Moyer



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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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#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: 16252
Loc: The Swamp
I would think you would report both.
_________________________
My opinion only. Not legal advice.

You will never see what's inside of me - Five Finger Death Punch

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

Registered: 11/28/00
Posts: 13799
Loc: Central City, NE
Sounds like 2 separate applications to me - both should be reported. Doesn't sound like a negotiation.
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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,
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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: 40497
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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