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#1689823 - 04/18/12 02:30 PM Changed Circumstance--when can we close?
Combustible Offline
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Joined: Dec 2008
Posts: 1,268
I'm already rusty on RESPA! If the loan amount increases, and a GFE is issued due to the changed circumstance, I seem to remember a time frame of 3 days up to seven days before closing depending on how the GFE is delivered. Can't find anything in the FAQs, but now that I think of it, this may be a Reg Z issue?

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#1689833 - 04/18/12 02:38 PM Re: Changed Circumstance--when can we close? Combustible
raitchjay Offline
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Joined: Oct 2009
Posts: 8,662
OK
You're thinking of MDIA/ETIL rules i believe. In theory, you can redisclose a GFE and close 5 minutes later.
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#1689845 - 04/18/12 02:50 PM Re: Changed Circumstance--when can we close? Combustible
Combustible Offline
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Joined: Dec 2008
Posts: 1,268
Well, that probably explains why I can't find it in the Reg. The file must be documented as to why the loan amount went up with a change of circumstance form signed by the borrower, correct?

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#1689849 - 04/18/12 02:53 PM Re: Changed Circumstance--when can we close? Combustible
raitchjay Offline
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Joined: Oct 2009
Posts: 8,662
OK
The changed circumstance needs to be documented in the file. There's no requirement for any customer signature that i'm aware of (maybe you have an investor who requires it?).
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#1689853 - 04/18/12 02:57 PM Re: Changed Circumstance--when can we close? Combustible
Combustible Offline
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Joined: Dec 2008
Posts: 1,268
Thanks for your help! It's all coming back to me now. I think I'm having brain freeze ups lately! The other day I couldn't figure out why there was no GFE in a HELOC! Thank goodness for David's RE Loan Matrix--

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