Mortgage Grapevine

Re-disclosure

So how's the re-disclosure system working for you? I locked last week, then ordered docs. Rates were up, so I immediately re-disclosed. The lender did not. I called today to ask about it and they said they'd send out new disclosures, but of course the borrower will now have to wait 3 days to sign. Apparently it never occurred to them to re-disclose if the lock is higher than the original disclosure. The rep was a bit peeved at me when I asked what exactly their procedure was.

Have you found lenders re-disclose on their own, or have you had to call and remind them?
by marin99 November 3, 2009 1:06 PM

Why are you dating your disclosures in the first place?

by The Masked Avenger November 3, 2009 3:40 PM

I am confused...why are you having to redisclose if you locked them? Unless you did not lock them at the rate you quoted them...is that what happened?
by Nascarfan November 3, 2009 4:37 PM

I redisclose every 3 days regardless of any changes...if find this confuses the borrower to the point that I can end up charging them the max the lender will allow by the time we get to closing....

Hope this helps xxx ooo
by Donktard Borker November 3, 2009 5:11 PM

Rates went up; we locked at a slightly higher rate than originally quoted and with the borrower paying more points.

Thank you Masked Avenger and Donktard. Maybe a "forever" GFE, like the Post Office offers on stamps, good through the end of the 21st century. Otherwise, I'm all for just confusing the hell out of the borrower.
by marin99 November 4, 2009 12:47 AM

Your til went up by .125, lender must redisclose. Thank you HERA HOEPA. New GFE will be a peach too.
by jimmymac079 November 4, 2009 3:04 AM

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