Our individual borrower just informed the lender he wants his TRID home purchase loan to be in his TRUST's name instead of his individual name. I suggested keeping the loan in the individual's name and just having the Trust grant the collateral (sign the mortgage), but that is not what the customer wants to do, and we are appeasing the customer.
So...how do we handle this change?
1. Proceed with the change in borrower name at the time of the Closing Disclosure this week?; or
2. Shut this file down as an ANA WD, then have the customer start a new application with the Trust as the borrower (and closing will be delayed)?
Many thanks!
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Compliance - A Painful Addiction
All comments are mine & should not be taken as legal advice.