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#1694201 - 05/01/12 02:50 PM Substitution of Collateral
Sunshine Girl Offline
New Poster
Joined: Mar 2008
Posts: 13
Originally loan was customers primary residence. Customer now renting that property and is giving us her new primary residence as a substitution of collateral. No new money and existing terms. Do we need new disclosures and ROR?

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Lending Compliance
#1694205 - 05/01/12 02:54 PM Re: Substitution of Collateral Sunshine Girl
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
You should just need ROR if there is no refinancing connected to the collateral swap.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#1694376 - 05/01/12 05:40 PM Re: Substitution of Collateral Sunshine Girl
TOLIE Offline
Junior Member
TOLIE
Joined: Nov 2003
Posts: 41
Michigan
What about appraised value, title work and flood determination?

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