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BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule 7 day wait - adding piggyback loan
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#2230209 - 02/04/20 05:03 PM 7 day wait - adding piggyback loan
KTMiteComply Offline
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KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
Appraisal came in low so instead of adding MI the borrower wants to do a piggyback to pay for closing costs. We were set to close in 5 days, but doesn't the 7 day waiting period apply to this piggy back now so closing will need to be extended to cover the 7 day wait? Didn't know if there was some type of work around I've missed?

Thanks
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Trust in the Lord with ALL your heart...Prov 3:5-6

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TRID - TILA/RESPA Integrated Disclosures Rule
#2230210 - 02/04/20 05:05 PM Re: 7 day wait - adding piggyback loan KTMiteComply
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 80,708
Galveston, TX
Separate loan - separate wait.
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#2230213 - 02/04/20 05:10 PM Re: 7 day wait - adding piggyback loan rlcarey
KTMiteComply Offline
Power Poster
KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
eek whistle somehow I knew you were going to say that...THANKS as always Randy! smile
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Trust in the Lord with ALL your heart...Prov 3:5-6

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