Click to return to BOL home page

September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 30
Revised Escrow Rules - Review and Update;
Jack Holzknecht and Mary Beth Guard

October 7
CRA - Digging for Credit;
Patricia Cashman

October 8
Applicants and Applications: Knowing the Players and the Rules;
David Dickinson

October 15
MasterCard and Reg E: Basic Debit Card Investigations;
Brian Crow

Topic Options
#497348 - 02/10/06 02:53 PM Adjustable Rate Rider
Cynthia Barnes Offline
New Poster

Registered: 12/29/05
Posts: 22
I am confused on the ARM Rider. Are these required for 2nd mortgages?

Lending Compliance
#497349 - 02/10/06 04:30 PM Re: Adjustable Rate Rider
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 50028
Loc: Galveston, TX
Depends on what ARM rider you are talking about. Without reviewing the language on the specific rider you are referring too - it is hard to say.
The opinions expressed are my own, take them or leave them.

#497350 - 02/14/06 02:15 PM Re: Adjustable Rate Rider
regwhy Offline
100 Club

Registered: 09/21/05
Posts: 108
Loc: Midwest
The reasons we put an ARM rider in place was because the mortgage we used referred to a fixed rate only (this could have been Fannie Mae's standard mortgage now that I think about it?) Whereas one of our other loan systems lets you choose if the rate is an arm or fixed and prints out accordingly on the mortgage.

#497351 - 03/10/06 03:47 PM Re: Adjustable Rate Rider
Cynthia Barnes Offline
New Poster

Registered: 12/29/05
Posts: 22
So if it amends the mortgage it wouldn't have to be recorded with the 2nd mortgage?

#497352 - 03/11/06 08:18 AM Re: Adjustable Rate Rider
Richard Insley Offline
Power Poster

Registered: 10/26/00
Posts: 7546
Loc: Richmond, VA
A 'mortgage', 'deed of trust', or 'promissory note' is a contract. A 'rider', 'modification agreement', or 'allonge' is an amendment to a contract. If the contract document must be recorded in order to have the legal effect you desire, then it stands to reason that any or all amendments would have to be recorded in the same manner for the same reason.
...gone fishing.


Moderator:  Andy Z