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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



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?

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

Registered: 07/16/01
Posts: 51225
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.
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The opinions expressed are my own, take them or leave them.

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#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.

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#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?

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

Registered: 10/26/00
Posts: 7645
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.
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...gone fishing.

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