Answer by Dan Persfull:Under the proper circumstances, yes. Read 226.15 and .23 and their Commentaries for a discussion on waivers. It must be a bona fide personal financial emergency. Needing money right away to purchase a hot stock tip is not a bona fide personal financial emergency, but replacing a furnace in sub-zero degree weather is.
Answer by Richard Insley:Aside from Katrina type emergencies that affect a large percentage of your borrowers, legitimate ROR waivers are extremely rare.
First published on BankersOnline.com 12/04/06