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#2020310 - 06/15/15 12:59 PM counter-offer/new early docs
mdog76 Offline
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Would a counter offer from a Secondary Market transaction to an in house one require new early docs if accepted?

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#2020427 - 06/15/15 03:45 PM Re: counter-offer/new early docs mdog76
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#2020495 - 06/15/15 06:02 PM Re: counter-offer/new early docs mdog76
mdog76 Offline
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Thanks for the information. Just so I am clear on this. Changing from Secondary Market to in-house is not considered a change in circumstance. The counter-offer more or less starts a new transaction resulting in new early docs correct?

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#2020507 - 06/15/15 06:36 PM Re: counter-offer/new early docs mdog76
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No. Acceptance of the counter-offer is a valid changed circumstance. It doesn't start a new transaction. It continues the one begun with the original application. Dan's reply from the thread I linked says:
Quote:
You will deny the loan as applied for with the counteroffer. If the applicant indicates they want to proceed with the counteroffer then that would be a applicant requested change allowing a new GFE to be issued at that time.
That doesn't mean you give a denial. It means the counter-offer is denying the original request and suggesting another.

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#2020509 - 06/15/15 06:39 PM Re: counter-offer/new early docs mdog76
Kathleen O. Blanchard Offline

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This is all going to depend upon the reason for the change. If it is simply that the bank made an error and the loan never did qualify for the investor, the bank is in a tough spot. There are multiple threads about this.
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#2020511 - 06/15/15 06:40 PM Re: counter-offer/new early docs mdog76
Kathleen O. Blanchard Offline

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For example, review this recent thread:

http://www.bankersonline.com/forum/ubbth...340#Post2016340
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#2020514 - 06/15/15 06:43 PM Re: counter-offer/new early docs mdog76
mdog76 Offline
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Our mortgage lender did all they could to make it qualify and the companies would not accept it. He turned it over to our in house officers.

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#2020515 - 06/15/15 06:44 PM Re: counter-offer/new early docs mdog76
Kathleen O. Blanchard Offline

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Much depends upon what action your bank has taken to date. Did you commit to a loan with certain terms and conditions and pricing and then couldn't place it in the secondary market?

Or have you not approved the loan to date?
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#2020519 - 06/15/15 07:05 PM Re: counter-offer/new early docs mdog76
mdog76 Offline
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To my knowledge, we have not committed to certain terms or pricing at this time.

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#2020520 - 06/15/15 07:05 PM Re: counter-offer/new early docs mdog76
mdog76 Offline
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Also this has not been approved and counteroffer has not been sent out yet.

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