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| T O P I C R E V I E W |
| CMatisse |
Posted - 10/16/2015 : 06:49:13 AM
2 questions for seasoned RM closers...
What is the purpose of the Home Equity Conversion Adjustable Rate Mortgage Payment Plan?
I know it is NOT a payment plan. Also on this doc is the question “Was the expected average mortgage interest rate locked?" It may be answered "YES“, which does NOT mean it is locked, but has limits set – something like “can go up no more than 2 points each year – and no more than 5 points in total.” This doc is difficult to explain when I don't know its purpose.
On the Choice of Insurance Option, what does "[lender name] chooses the Assignment Insurance Option" mean? |
| 2 L A T E S T R E P L I E S (Newest First) |
| CMatisse |
Posted - 10/22/2015 : 3:55:11 PM
Thank you, Linda. |
| LindaH |
Posted - 10/16/2015 : 07:44:00 AM
Most of what you ask is beyond what we need to get into with the borrowers - the payment plan should have been reviewed with them and explained well before we get there..however, that said, I'd say the most neutral way to "explain" it (which we don't, we don't explain anything) is to simply say "this document supplements the Note you've signed and explains your Adjustable Rate Payment Plan and how your rate adjusts over time.."
As for the Insurance Option - that's between HUD and Lender...nothing we need to be concerned with but, if you want to enhance your own knowledge base, read here:
https://portal.hud.gov/hudportal/documents/huddoc?id=42351c8HSGH.pdf
Hope this helps.
Linda
http://www.columbiacountynotary.webs.com |
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