Papering Renewals and Extensions

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Question:

What type of disclosure documents are necessary when you are doing a 3 year renewal of a first mortgage, and also for a 6 month extension of a first mortgage?

Answer:

There are no disclosures for extensions and renewals. Only new loans. These types of modification do not trigger any new disclosures to the customer. They do, however, trigger the flood insurance requirements again.

First published on BankersOnline.com 1/5/04