#MondaysMotivation – In Good Faith I hope you disclose all fee’s to your new clients from the weekend today! And do it with all relied upon information at the time of disclosure. In all reality this hasn’t changed at all over the years, sure disclosures changed, names for them changed, but the philosophy of “doing loans” has been the same for decades.
There are fee’s that can change, fee’s that can NOT change and fee’s that can change within a 10% tolerance. And if noted within 3 days of an event, new information can change fee’s all together. A change of circumstance can be issued to do just that. The philosophy is the same as it has always been, the “act” of doing loans has been the same. If the LO disclosed in good faith and information “beyond their control”, or information “relied upon at time of disclosure” or a “discovery of new information” changes it warrants new disclosure of those fees and structure of the loan.
Here’s the chart for your reference, a great one to keep handy when disclosing to clients fee’s. If you do your job right in the beginning and even “over disclose” there isn’t any reason to worry about your loan and structure. (Assuming the loan qualifies) lol. Here’s the chart I suggest you keep handy! ↓
As always – I’m in the office taking “I gotta guy” questions to help LO’s structure a loan they can disclose in good faith.