Revised LE & Change in Circumstance

Posted By: beegee

Revised LE & Change in Circumstance - 05/27/20 09:15 PM

Our borrower is requesting an increase in his construction loan amount by $25,000.00. The only two fees affected are the origination fee (zero tolerance) and the lenders title insurance policy (10% tolerance). I don’t think we would exceed the 10% basis, but we will exceed the tolerance basis on the origination fee.

Do we need to issue a revised LE?
Posted By: rlcarey

Re: Revised LE & Change in Circumstance - 05/27/20 09:55 PM

Yes - with three business days of the borrower request.