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#2008872 - 04/17/15 08:43 PM "Renewals"
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
How are you handling consumer "renewals" in GA for loans secured by real estate and home? Same interest rate or lower, typically same term. Are you using a Note Modification or a document such as Laser Pro's Change in Terms Agreement? Or are you generating a new note, retaining the old note - not marking it paid in any way? Are you just considering them refinances and giving GFE, Preliminary TIL, etc.? Will your procedures change come August 1st?? Thanks for any input!

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#2008934 - 04/20/15 12:42 PM Re: "Renewals" Rdy2Retire
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
We modify them with a "Debt Modification Agreement" (Compliance One). We generally keep the term (balloon) the same and the rate the same, although it's not required. This bank is just 'funny' when it comes to modifications. wink
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My opinion only. Not legal advice.

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