Revised Closing Disclosure Post Closing

Posted By: Annie

Revised Closing Disclosure Post Closing - 03/25/21 08:20 PM

I would appreciate your feedback on the following scenario. A mortgage loan is closed as an FHA loan and marked as such on the CD provided at closing. Shortly after closing, it was determined that the loan could not be insured as FHA, so it is being held in portfolio instead. The upfront MI will be refunded and the monthly payment adjusted accordingly. Should the post-consummation CD show an FHA loan or should it show conventional?
Posted By: rlcarey

Re: Revised Closing Disclosure Post Closing - 03/25/21 09:06 PM

It is not an FHA loan - not sure why if you were doing a post-closing CD you would say it is.