mortgage: When is a commitment a commitment?
- 08/04/10 05:42 AM
Lenders are at it again! Changes, changes, changes... One of the latest is a lovely new application disclosure titled "Undisclosed Liabilities".
Lenders must determine that the liabilities up to and concurrent with the closing are used in evaluating the qualifications of the borrowers. What does this mean you ask? Well for one thing it would be virtually impossible for lenders to pull an updated credit report of liabilities and re-underwrite the loan if necessary, while buyers and sellers are sitting at the closing table.
So the fun begins 5-10 days prior to closing, as lenders begin to do a … (5 comments)
Lenders are at it again! Changes, changes, changes... One of the latest is a lovely new application disclosure titled "Undisclosed Liabilities". 
;)
;)
;)
