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#1708384 - 06/08/12 02:50 PM Redisclosed but reduced the rate in error
Burgess Offline
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Joined: Jan 2004
Posts: 1,621
changed circumstance redisclosure because loan amount changed.
Fine BUT... The rate was not supposed to change but in error we reduced the rate when we re-disclosed. We are within 3 days of the redisclosure so i am thinking we could re - re - disclose and show the interest rate as not having changed.
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RESPA
#1708437 - 06/08/12 03:46 PM Re: Redisclosed but reduced the rate in error Burgess
TMatt87 Offline
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TMatt87
Joined: May 2011
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Idaho
If you have already given the disclosures to the applicant, then I would say there is not a valid change in circumstances and you couldn't re-redisclose.
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#1708547 - 06/08/12 06:00 PM Re: Redisclosed but reduced the rate in error Burgess
Dan Persfull Offline
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Dan Persfull
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Bloomington, IN
A bank error and their lack of control in their procedure is not a changed circumstance.


We are within 3 days of the redisclosure so i am thinking we could re - re - disclose

I'm curious where this came from. There is no such provision in RESPA.
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#1708555 - 06/08/12 06:15 PM Re: Redisclosed but reduced the rate in error Burgess
Truffle Royale Offline

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Need a third to convince you that you're stuck with the lowered interest rate?
Sorry

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#1708561 - 06/08/12 06:21 PM Re: Redisclosed but reduced the rate in error Burgess
raitchjay Online
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Joined: Oct 2009
Posts: 9,088
OK
I agree that you can't redisclose, but where does it state that the interest rate quote from the GFE is binding on the loan? Where's the comparison chart for interest rates?
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#1708577 - 06/08/12 06:26 PM Re: Redisclosed but reduced the rate in error Burgess
RR Joker Offline
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The Swamp
Agree. Unless it's locked, it can always change.
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#1708652 - 06/08/12 07:56 PM Re: Redisclosed but reduced the rate in error Dan Persfull
Burgess Offline
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Joined: Jan 2004
Posts: 1,621

We are within 3 days of the redisclosure so i am thinking we could re - re - disclose



Dan - i was just after verification of what i was going to tell the loan dept.
One loan person asked if it would make a difference if we were still within the 3 days of finding out the changed circumstance of the loan amount changing. That is the only reason i threw that comment in {
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#1708698 - 06/08/12 08:42 PM Re: Redisclosed but reduced the rate in error Burgess
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,395
you have 3 days to get the redisclosure out.
Once it's out, you're done.
you can't say 'oops' and pull back the one you sent on day one and replace it with a different one on day 2.

I've had LOs try and get creative on that score too, can you tell?

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