Don't ask me why we did this, but we did......processors are calling me asking me what they should do and the lender is out today.
This is what I find when looking at the transaction -
1. Initial application is for 30/5 ARM
2. We disclose GFE based on the 30/5 ARM
3. Loan officer and processing manager later find out that we can't do 30/5 ARM on a doublewide, so they have changed the product to a 20/5 with a higher rate.
If this were a valid changed circumstance, the redisclosure must go out today. However, I don't believe it to be a valid changed circumstance, because it is not requested by the borrwer rather we just realized that our policy doens't allow for these terms. What should we do? Should we treat as a denial and counteroffer or do a brand new application or do you believe it to be a valid changed circumstance? And if by counteroffer, we wouldn't have disclose anything right now correct....only if the client accepted the counteroffer would we redisclose at that time within 3 days (is this correct)?
Last edited by Shopgirl; 10/03/14 02:15 PM.