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BankersOnline.com Forums State-Specific Compliance Issues New York increase in MI=changed circumstances?
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#1689221 - 04/16/12 08:15 PM increase in MI=changed circumstances?
Trees Offline
Power Poster
Joined: Apr 2005
Posts: 4,013
So, the MI has increased. We have decided that this change does ot fall into the definition of changed circumstances.
So, we would like to treat to foloow our current procedures of placing the MI premium in GFE's #3. number 3 falls into the 10% tolerance, so we are OK with the docs. prepared the beginning of April, when the premium increase took effect.

Right???

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#1689288 - 04/17/12 03:04 AM Re: increase in MI=changed circumstances? Trees
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 85,445
Galveston, TX
RESPA FAQ

iv) GSE, FHA or Mortgage Insurance program changes.


A: This could constitute a changed circumstance if the loan originator did not have notice of the GSE, FHA or other mortgage insurance program change prior to the issuance of the GFE. A loan originator may issue a revised GFE reflecting only the increased charges resulting from the ―changed circumstance‖.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1689637 - 04/17/12 07:50 PM Re: increase in MI=changed circumstances? Trees
Trees Offline
Power Poster
Joined: Apr 2005
Posts: 4,013
Hi. Many thanks.

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