Currently when we close a Residential Mortgage Loan, the due date is 30 days later. So we have many due dates on our system. Operations would like to change it so all due dates are on the 1st of the month.
First, does Michigan law allow us to change a due date on a residential mortgage loan after it has been booked?
If so, what are the disclosure requirements.
Going forward, is there anything we would need to do compliance wise? What about loans in the pipeline? Would we have to redisclose anything?
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