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Be the first person to vote!
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LindaH
Florida
1754 Posts |
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crtowles
California
553 Posts |
Posted - 08/19/2008 : 07:27:32 AM
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I don't think it is required. My friend just got her modification from Wells Fargo and there wasn't one. They just put the terms in writing and she had to sign and I notarize.
C
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civey
North Carolina
76 Posts |
Posted - 08/14/2008 : 07:37:00 AM
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Okay, maybe I thought it was required, because when I did loans and something changed the amount on the GFE and TIL I did a revised TIL and GFE because I thought it was the right thing to do. I also do remember underwriters requiring me to get them a revised copy of a GFE and TIL if any of the numbers changed and a rate change will cause the numbers on the GFE to change as well (pre-paid interest). Maybe it's not required, but I would think any reputable LO would produce a revised forms and Underwriters always like to cover their butts as well. |
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BobbiCT
Connecticut
135 Posts |
Posted - 08/14/2008 : 05:46:33 AM
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GFE and TIL. There are some limited exceptions, particularly when an existing loan is being modified. If there are no "required to be disclosed under federal law" charges that the BORROWER is paying, the lender's counsel may have decided a TIL isn't necessary.
I've seen many where the lender picks up ALL costs; i.e., no charges paid by the borrower under the Modification Agreement; often after the transaction is completed, a new amortization schedule is mailed to the borrower.
Every individual case, lender and loan product is different. If your friend is being charged fees that will increase the APR and are required to be disclosed under federal regulations, your friend should ask for a TIL that discloses the new, higher APR.
Bobbi in CT |
Edited by - BobbiCT on 08/14/2008 05:48:04 AM |
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civey
North Carolina
76 Posts |
Posted - 08/13/2008 : 11:01:03 PM
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Your friend should receive a new GFE and TIL. This is a requirement. |
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macdeux
California
79 Posts |
Posted - 08/12/2008 : 1:06:33 PM
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A friend of mine received a Loan modification agreement, however, the lender refuses to give her a new Truth and Lending to accompany it. Does anyone know why that would be? The terms of the loan are completely different -rate and period - and they just want to make sure everything's on the up and up.
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