Posted By: ccrofford
Old Loan Documents vs. New Loan Documents - 12/31/12 03:05 PM
We have a home equity loan that originated in 2010, but we are closing today (2012). Is it okay if we use the 2010 loan documents or should we cancel the loan and start a new loan with the updated forms and disclosures?
Posted By: rlcarey
Re: Old Loan Documents vs. New Loan Documents - 12/31/12 03:11 PM
How can you "originate" a loan in 2010 and have it close now?
Posted By: ccrofford
Re: Old Loan Documents vs. New Loan Documents - 12/31/12 03:15 PM
We have been working on it that long apparently...not for sure why it has taken so long. The loan started out as a refinance, and changed to a home equity loan.
Posted By: swiggles
Re: Old Loan Documents vs. New Loan Documents - 01/02/13 03:00 PM
So did you actually originate the refinance in 2010? And now you are refinancing that application as a home equity loan? If so, new everything.
Posted By: Jerod Moyer
Re: Old Loan Documents vs. New Loan Documents - 01/02/13 04:15 PM
Do you mean you have an application that started in 2010 and now it's 2013 and you're finally ready to close the loan?