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#180842 - 04/19/04 02:08 PM RESPA- 3 day disclosures
Anonymous
Unregistered

If the applicant has not identified a property, are the 3 day disclosures still required?

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Lending Compliance
#180843 - 04/19/04 02:09 PM Re: RESPA- 3 day disclosures
GreatBlue Offline
Diamond Poster
GreatBlue
Joined: Feb 2003
Posts: 2,362
Colorado
RESPA only applies once a property has been identified.
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Opinions are mine and not necessarily my employer's.

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#180844 - 04/20/04 03:01 PM Re: RESPA- 3 day disclosures
Anonymous
Unregistered

I have a situation this morning applying to a preapproval. I am uneducated in this situation b/c we don't usually do preapprovals at my bank. The loan officer had the applicant fill out an application and preapproved it. Application was received in the first week of April. Today, I'm sending out the 3-day disclosures since the applicant came in yesterday and identified a subject property. Now my disclosures will be over two weeks difference than the application. Do I need a new signed application or am I ok since its a preapproval

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#180845 - 04/20/04 03:23 PM Re: RESPA- 3 day disclosures
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
You don't need a new app, just document the date the property was identified to the bank and base your 3-day disclosures on that date.
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The opinions expressed are mine and they are not to be taken as legal advice.

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