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#1761837 - 11/28/12 07:17 PM Mobile home not modular home-changed circumstance?
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
At application borrower told lender that property was modular home. GFE given based on this information and rate locked with secondary market investor. Later it was determined that it is really a mobile home, not a modular home. We do have an investor that we are going to try to place the loan with. I'm thinking that in this instance, we can consider this a changed circumstance because the information that we relied upon originally was incorrect. Agree?

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#1761863 - 11/28/12 07:40 PM Re: Mobile home not modular home-changed circumstance? Rdy2Retire
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,633
Galveston, TX
Yes, as long as you act within three business days of that determination.
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#1761867 - 11/28/12 07:54 PM Re: Mobile home not modular home-changed circumstance? Rdy2Retire
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
Thanks! That's what made sense to me, but you know how it is, if it makes sense, then it probably ain't so...

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