Skip to content
GeoDataVision
Thread Options
#1993382 - 02/04/15 05:42 PM RE Mtg Loan and Lower Rate question
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
We want to lower the rate on an existing fixed rate mortgage loan that has been on our books for 4 years. This is an accomodation to a good bank customer. Is it possible to process this request with a signed modification (to lower rate and re-am payments) and a small fee? TIA for the help.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
Lending Compliance
#1993386 - 02/04/15 05:51 PM Re: RE Mtg Loan and Lower Rate question HRH Okie Banker
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,441
Florida
Unless the state prohibits it, that is the way most banks handle rate decreases - less paperwork and chance for compliance error.
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top
#1993388 - 02/04/15 05:55 PM Re: RE Mtg Loan and Lower Rate question HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Excellent. Thank you Rocky P.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top
#1993546 - 02/04/15 09:54 PM Re: RE Mtg Loan and Lower Rate question HRH Okie Banker
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,088
Toano, VA
Don't skip a fair lending "sniff test." "Accommodation" sounds a lot like disparate treatment.
_________________________
...gone fishing.

Return to Top
#1993738 - 02/05/15 03:55 PM Re: RE Mtg Loan and Lower Rate question HRH Okie Banker
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Thanks for the reply, but it really is not. This is something that we would do for other inquiring customers. We just hadn't done one in a while and wanted to make sure that nothing was different under all the recent mortgage changes.
_________________________
Just working here until I get my letter from Hogwarts.

Return to Top

Moderator:  Andy_Z