Refi LE issued with Standard Table

Posted By: MScarn6942

Refi LE issued with Standard Table - 05/16/18 04:09 PM

Hello! We found today that we've got a refinance (closing this Saturday) that had an LE issued with the standard table that contains seller information. Are we able to issue the CD with the seller-side information, even though there's no seller involved? Or Can we switch to the alternative CD even though we issued a standard LE?

Thank you!
Posted By: rlcarey

Re: Refi LE issued with Standard Table - 05/16/18 04:22 PM

You can use either form on a refinance, but once you issue the LE you cannot switch.
Posted By: MScarn6942

Re: Refi LE issued with Standard Table - 05/16/18 04:26 PM

Thanks Randy! I appreciate it.
Posted By: Sewanee, CRCM

Re: Refi LE issued with Standard Table - 06/14/18 01:49 PM

I have a similar situation, but the CD that was used is the format including information for the seller. An examiner (here now) is questioning why it was used. Also, the terminology and information in the Calculating Cash to Close are different for the seller-included form versus the refinance form.

If it's OK, can someone provide a citation?
Posted By: rlcarey

Re: Refi LE issued with Standard Table - 06/14/18 02:09 PM

I don't understand your question. Can you use the standard from on a non-seller transaction - of course. The alternative non-seller form is optional. You can use either on a non-seller transaction. I am not sure what you mean by the "seller included form"? The only real rule is once you start with one version, you cannot change midstream.