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#1771239 - 12/31/12 03:05 PM Old Loan Documents vs. New Loan Documents
ccrofford Offline
Junior Member
Joined: Aug 2011
Posts: 48
We have a home equity loan that originated in 2010, but we are closing today (2012). Is it okay if we use the 2010 loan documents or should we cancel the loan and start a new loan with the updated forms and disclosures?

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#1771246 - 12/31/12 03:11 PM Re: Old Loan Documents vs. New Loan Documents ccrofford
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,926
Galveston, TX
How can you "originate" a loan in 2010 and have it close now?
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#1771248 - 12/31/12 03:15 PM Re: Old Loan Documents vs. New Loan Documents ccrofford
ccrofford Offline
Junior Member
Joined: Aug 2011
Posts: 48
We have been working on it that long apparently...not for sure why it has taken so long. The loan started out as a refinance, and changed to a home equity loan.
Last edited by ccrofford; 12/31/12 07:03 PM.
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#1771455 - 01/02/13 03:00 PM Re: Old Loan Documents vs. New Loan Documents ccrofford
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,333
So did you actually originate the refinance in 2010? And now you are refinancing that application as a home equity loan? If so, new everything.
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#1771518 - 01/02/13 04:15 PM Re: Old Loan Documents vs. New Loan Documents ccrofford
Jerod Moyer Offline
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Jerod Moyer
Joined: Oct 2005
Posts: 667
Sioux Falls, SD
Do you mean you have an application that started in 2010 and now it's 2013 and you're finally ready to close the loan?
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