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#2102706 - 10/12/16 05:03 PM New LE or CD
SMali Offline
Member
Joined: Jan 2014
Posts: 73
Closing disclosure was issued - now seller and buyer have renegotiated a lower sales price and the buyer has now offered to pay 1/2 of the sellers closing costs. Do I start over in the process because it changes the loan amount, transfer taxes, etc? Or can I issue a new closing disclosure with this information? They would like to close by Oct. 25th.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2102707 - 10/12/16 05:12 PM Re: New LE or CD SMali
Compliance NABW Offline
Diamond Poster
Joined: Oct 2015
Posts: 1,671
New CD is fine.

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#2102792 - 10/13/16 01:54 PM Re: New LE or CD SMali
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
When you generate the revised CD, check the APR to ensure it hasn't changed enough to make the APR on the initial CD inaccurate. If it IS now inaccurate, you'll have to ensure that the revised CD is RECEIVED by the borrower at least three business days before closing.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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