Change in Program: Change in Circumstance?

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Question:

My borrower was disclosed an adjustable rate loan by a former loan officer. I changed the program. Is this considered a change in circumstance?

Answer:

"I changed the program" is the key statement in this question. The loan originator changing programs would not be a changed circumstance. If you search the RESPA forum using +change +products, you will find several discussions on this topic, and discussions for when a change in products would qualify as a changed circumstance.

First published on BankersOnline.com 12/06/10