Answer:
Yes. The closing cost exemption found in the Commentary to 226.23(f) only apply to a refinancing. A modification is not a refinancing.
First published on BankersOnline.com 8/8/11
Rule on Rescission Notice for Loan Modification
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Question:
When we do a loan modification, do we need to provide the customer with a rescission notice if we will be adding past due property taxes to his existing loan balance?
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