Changed Circumstance - cash fees vs. financed

Posted By: Feather

Changed Circumstance - cash fees vs. financed - 04/28/16 05:27 PM

Do we have to redisclose the LE if the initial LE had the fees being paid in cash and now 3 weeks later the borrower has decided they would rather finance the fees? Is this considered a Change in Circumstance?
Posted By: rlcarey

Re: Changed Circumstance - cash fees vs. financed - 04/28/16 05:29 PM

No
Posted By: raitchjay

Re: Changed Circumstance - cash fees vs. financed - 04/28/16 05:38 PM

Agree with Randy that you don't have to, but are you willing to live with your originally stated origination fee and any other fees (transfer taxes, etc.) that are related to your loan amount? If the customer is asking to increase the loan amount (which by nature of asking to finance the fees, i would think they are) you CAN re-disclose the LE (if you do so within 3 business days of the request) to capture those increased fees.