Learn More - Click Here!

Thread Options
#2116955 - 02/03/17 06:06 PM Mortgage Loan Payment Due Date
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
Michigan
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?
_________________________
Opinions posted are not necessarily those of my employer.

Return to Top
#2116984 - 02/03/17 07:35 PM Re: Mortgage Loan Payment Due Date JoAnne
Docs Offline
100 Club
Joined: May 2016
Posts: 241
I don't know what Michigan law says about that issue, but if the due date is specified in the loan contract and/or the security instrument you may need to modify each loan and obtain the borrowers signature on the modification agreement.
_________________________
Just my opinion, I could be wrong. - Dennis Miller

Return to Top