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#1237709 - 08/24/09 03:44 PM Revised GFE
mbernard Offline
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Joined: Jul 2008
Posts: 109
With the new GFE, if we have to issue a revised GFE, do we have to wait another 10 business days from new date? I'm looking at "Important Dates" #2.

This is what the apendix says for completing the GFE:
"In Line 2, the loan originator must state the date until which the estimate of all other settlement charges for the GFE will be available. This date must be at least 10 business days from the date of the GFE." Is it 10 days from the Original GFE date or 10 days from the revised GFE date?

If it's the revised date, we only have to wait 3 days to close. Is my thinking correct?

Thanks for your help!

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#1237735 - 08/24/09 03:55 PM Re: Revised GFE mbernard
Pickles Offline
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Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
I don't think that there is a waiting period for the redisclosure, just that a revised GFE needs to be provided within 3 business days of receiving information sufficient to establish a "changed circumstance". So, IMO, if you found out that you had a changed circumstance the day of the closing, that is fine as long as the revised GFE is provided.
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#1237757 - 08/24/09 04:08 PM Re: Revised GFE Pickles
mbernard Offline
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Joined: Jul 2008
Posts: 109
Ok, so what should we put in that line 2? Or does it not matter what we put?

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#1237838 - 08/24/09 05:01 PM Re: Revised GFE mbernard
#12 Offline
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Posts: 1,338
I may be wrong, but the number you put in there doesn't have to be the number of days until you close. It's the number of days those terms are available. The borrower has that many days to accept your loan.

I'm sure a guru will correct me if I'm wrong! It's been awhile since I've thought about these changes. Been focused on MDIA and HPML.
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#1237843 - 08/24/09 05:05 PM Re: Revised GFE #12
mbernard Offline
100 Club
Joined: Jul 2008
Posts: 109
Thanks!

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#1237844 - 08/24/09 05:06 PM Re: Revised GFE mbernard
Pickles Offline
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Joined: Apr 2006
Posts: 275
Beach Bum, East Coast, USA
Each line of business can set that time frame, but it cannot be less than 10 business days. We have made the decision to count 10 business days plus 1 which is the print date, on line #2. If there is not a "changed circumstance" the GFE MUST be good for at least 10 business days. If we have a changed circumstance on day 5, line 2 would still reflect 10 business days plus 1 on the revised GFE (in other words, the 10 days starts over)... it doesn't delay your closing though, it just means that the new info is good for the next 10 business days... make sense?
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Living life in the fast lane, hitting bumps along the way, but enjoying the ride!!!!

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#1237861 - 08/24/09 05:19 PM Re: Revised GFE Pickles
mbernard Offline
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Joined: Jul 2008
Posts: 109
Yes, that's exactly what I needed! And what I was thinking! Thanks.

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