Mobile home not modular home-changed circumstance?

Posted By: Rdy2Retire

Mobile home not modular home-changed circumstance? - 11/28/12 07:17 PM

At application borrower told lender that property was modular home. GFE given based on this information and rate locked with secondary market investor. Later it was determined that it is really a mobile home, not a modular home. We do have an investor that we are going to try to place the loan with. I'm thinking that in this instance, we can consider this a changed circumstance because the information that we relied upon originally was incorrect. Agree?
Posted By: rlcarey

Re: Mobile home not modular home-changed circumstance? - 11/28/12 07:40 PM

Yes, as long as you act within three business days of that determination.
Posted By: Rdy2Retire

Re: Mobile home not modular home-changed circumstance? - 11/28/12 07:54 PM

Thanks! That's what made sense to me, but you know how it is, if it makes sense, then it probably ain't so...