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#1614477 - 10/11/11 07:50 PM changed circumstance and shopping list
Anonymous
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We normally don't provide a shopping list to borrowers when originating a mortgage loan. Recently we started to do this for short sale transactions. We issue a GFE with our charges and give the shopping list. We have a situation where the borrower elected to go with a completely different title company not on our list. The first GFE showed no points, now the borrower has switched to paying a point to receive a lower rate. We need to issue a revised GFE. Do we just revise the items that were affected, such as block 2 and the mortgage transfer tax and leave our title charges as listed in the original? The amount of the title policy is also changing, I think. Or do we show the charges of the title company the borrower selected?Maybe this is a stupid question but we are confused.

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#1614498 - 10/11/11 08:17 PM Re: changed circumstance and shopping list Anonymous
MyScamper Offline
Gold Star
Joined: May 2006
Posts: 452
Between here and there
Did you disclose the services they could shop for in Block 6? If so, there is no limit on the amount they can change so you would be OK. The changed circumstance of the borrower picking a new program that includes points only allows you to change charges relating to that changed circumstance.

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