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October 24
How to Audit Advertising - Compliance Issues Here, There, Everywhere!;
Patricia Cashman

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

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner



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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: 16393
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: 14075
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: 40991
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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