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#2251682 - 04/01/21 04:41 PM 1st Payment date change post consummation & TRID
MS4031 Offline
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Joined: Oct 2020
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We had a loan where the closing date got moved up but the first payment did not get updated. This put us out 62 days for first payment. They wont accept a first payment date more than 60 days from closing. Our investor will not purchase due to this but are telling us to update the note to reflect a new first payment and they will purchase. We have never had a situation like this and was wondering how we go about doing this and what this entails. Is this even possible?

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#2251686 - 04/01/21 05:40 PM Re: 1st Payment date change post consummation & TRID MS4031
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Welcome to BOL.

Just curious - what was the closing date and what was the funding date. FNMA goes from funding date. So, if the loan closed on 3/29 and funded on 04/02, the first payment date would be 06/01
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#2251688 - 04/01/21 05:54 PM Re: 1st Payment date change post consummation & TRID rlcarey
MS4031 Offline
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Joined: Oct 2020
Posts: 3
This was an investment property so it funded same day as closing. We have been going back and forth with our investors and they told us they couldn't purchase due to the first payment day and then a couple weeks later when we requested the note back, they came back and said oh just change the first payment date on the note and we will purchase.

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#2251690 - 04/01/21 06:12 PM Re: 1st Payment date change post consummation & TRID MS4031
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Well, if that is what they want and you can get the borrower to agree to pay a month earlier and get a corrected note signed by the borrower - then that is what I would do. If you have a expiration date in your security agreement that will need to be changed too.
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#2251691 - 04/01/21 06:18 PM Re: 1st Payment date change post consummation & TRID rlcarey
MS4031 Offline
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Joined: Oct 2020
Posts: 3
What happens with Closing disclosure, First payment letters ect? Does all that need to be updated? I am not sure that anything can be done at this point since the first payment was due in March. Unfortunately, we have had less than great communication from our investors.
Last edited by MS4031; 04/01/21 06:21 PM.
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#2251692 - 04/01/21 06:23 PM Re: 1st Payment date change post consummation & TRID MS4031
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
Ha - well the horse is a little out of the barn then isn't it? You are pretty much at the mercy of your investor - ask them specially what they want you to do and do it if you can - otherwise you have yourself a portfolio loan at this point.
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