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#2178339 - 05/16/18 12:09 PM Refi LE issued with Standard Table
MScarn6942 Offline
Platinum Poster

Registered: 08/12/15
Posts: 630
Loc: Land Lacking in Lakes, IL
Hello! We found today that we've got a refinance (closing this Saturday) that had an LE issued with the standard table that contains seller information. Are we able to issue the CD with the seller-side information, even though there's no seller involved? Or Can we switch to the alternative CD even though we issued a standard LE?

Thank you!
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#2178344 - 05/16/18 12:22 PM Re: Refi LE issued with Standard Table [Re: MScarn6942]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67314
Loc: Galveston, TX
You can use either form on a refinance, but once you issue the LE you cannot switch.
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#2178345 - 05/16/18 12:26 PM Re: Refi LE issued with Standard Table [Re: MScarn6942]
MScarn6942 Offline
Platinum Poster

Registered: 08/12/15
Posts: 630
Loc: Land Lacking in Lakes, IL
Thanks Randy! I appreciate it.
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"Pressure is something you feel when you don't know what you're doing" - Peyton Manning

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#2181763 - 06/14/18 09:49 AM Re: Refi LE issued with Standard Table [Re: rlcarey]
Sewanee, CRCM Offline
Gold Star

Registered: 12/07/06
Posts: 423
Loc: TN
I have a similar situation, but the CD that was used is the format including information for the seller. An examiner (here now) is questioning why it was used. Also, the terminology and information in the Calculating Cash to Close are different for the seller-included form versus the refinance form.

If it's OK, can someone provide a citation?
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#2181769 - 06/14/18 10:09 AM Re: Refi LE issued with Standard Table [Re: MScarn6942]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67314
Loc: Galveston, TX
I don't understand your question. Can you use the standard from on a non-seller transaction - of course. The alternative non-seller form is optional. You can use either on a non-seller transaction. I am not sure what you mean by the "seller included form"? The only real rule is once you start with one version, you cannot change midstream.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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