Sorry to dominate the thread today, but as I stated in another post, my head is spinning.
On 10/1/09, 226.34(a)(4)(ii)(B) will be amended to state, "Notwithstanding paragraph (a)(4)(ii)(A), a creditor has not violated paragraph (a)(4)(ii) if the amounts of income and assets that the creditor relied upon in determining repayment ability are not materially greater than the amounts of the consumer's income or assets that the creditor could have verified . . . . at the time the loan is consummated." New 226.35(b)(1) will read, "Repayment ability. A creditor shall not extend credit based on the value of the consumer's collateral without regard to the consumer's repayment ability as of consummation as provided in Sec. 226.34(a)(4)."
Do these subsections mean income and asset data must be reverified just prior to the closing? Notwithstanding DU's normal requirement that income must be reverified if docs used at underwriting are dated more than 30 days prior to closing, if yes, within how many days prior to closing must income and assets be reverified?