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#1810902 - 05/03/13 06:28 PM Protect My KY Home Disclosure
gms2013 Offline
Member
Joined: May 2013
Posts: 76
KY
I have read the information posted about when the disclosure is to be provided but, I can't determine if the address on the disclosure should be the property of the borrower or the address of the property tied to the loan. Our software is producing the document for commercial rental loans but, for the address it has the address of the borrower not the property. Which address should be on the form?

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Lending Compliance
#1810922 - 05/03/13 06:45 PM Re: Protect My KY Home Disclosure gms2013
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
We just started the process last week to become a servicer....at this point no one has mentioned anything about disclosures we provide....Will your bank be a servicer or lender?
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#1810942 - 05/03/13 07:03 PM Re: Protect My KY Home Disclosure OnTheEdge
gms2013 Offline
Member
Joined: May 2013
Posts: 76
KY
We will be the servicer and the lender both for this loan. The rule states the disclosure should be given on all residential mortgages but, our software prints the address associated with the CIP of the loan instead of the address of the security. I'm unsure as to whether this will be in compliance?

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#1811371 - 05/06/13 06:00 PM Re: Protect My KY Home Disclosure gms2013
MarieR Offline
Platinum Poster
Joined: Nov 2005
Posts: 614
It is my understanding that it is the property address of the security. The form tells them they could lose the house and where to call for help if they have trouble making the payments so it makes sense that it would be the security and not their address if they are different.
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