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#563455 - 06/07/06 05:58 PM Modification Agreements and Disclosures
Sugarbaker Offline
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Joined: Nov 2005
Posts: 265
If loan terms for a purchase loan have been changed with a modification agreement is it necessary to provide new RESPA and Reg Z disclosures? Thanks.

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Lending Compliance
#563456 - 06/07/06 06:02 PM Re: Modification Agreements and Disclosures
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
No.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#563457 - 06/07/06 06:29 PM Re: Modification Agreements and Disclosures
Sugarbaker Offline
Gold Star
Joined: Nov 2005
Posts: 265
Thanks again.

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#563458 - 06/07/06 06:34 PM Re: Modification Agreements and Disclosures
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
You're welcome. However, I should point out that there is an exception. If you are modifying from a fixed rate to a variable rate you would need to re-disclose. Review 226.20 and its Commentary.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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