Question: A divorce decree states that a borrower is required to pay alimony until ex-spouse is remarried or cohabitates with someone else. The ex-spouse has been cohabitating with someone for 4 years and as such my borrower has not made an alimony payment. How do I document this so that the liability is not counted? […]
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Answer: It can be disclosed on the CD even if the initial CD has gone out. The fee can be increased as long as it is re-disclosed no later than 3 days after finding out about the POA. Your example does not reset the 3-day clock for closing. The APR is not increasing more than […]
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Answer: Most investors care about the CD. The projected payments does carry statutory damages; however informal guidance from the Bureau provided that most items can be corrected via the CD. In this case, unless FHA or USDA, there are multiple factors that can influence the cost of the MI beyond the 6 points of data. […]
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