If the only thing changing about an existing RE loan is the interest rate is being reduced, does regulation require a complete modification paperwork process or can it just be processed as a Loan Memorandum?
While we know big banks are in a different league, we can often look at what they are doing to learn what could be done on a smaller scale. In today's BID article, we share how the big banks are managing COVID-19.
How is everyone handling the Employment Verification on TRID loans with the current layoffs and decrease in hours. We currently Verbally Verifiy Employment within 10 days of closing a TRID loan. Has anyone had an instance where you completed a VVOE within 10 days but then the borrower is laid off or hours decreased two days before closing. Did you close the loan if the new circumstances (lower income) did not meet the threshold for debt to income?