Requesting Loan Changes
Regardless of whether you are doing initial disclosures with JMAC or independently, you can request for loan changes to update your loan.
To request a Loan Changes, click Request Loan Changes under Loan Actions.
Select the COC Reason defining the necessary loan change.
Enter an explanation. For example, what fees are changing include the value, what program you are requesting to change to, what the new mortgage insurance selection you are requesting, etc.
Choose any and all Disclosure Reasons.
IMPORTANT: We will not issue an actual Change of Circumstance disclosure unless you are doing disclosures with JMAC.
Click Request Change to request the COC review.
The Disclosures Team will review the requested loan changes, modify the loan accordingly. They will issue a Change of Circumstance if JMAC is handling the disclosures. Additionally, they will notify the Processor, Post-Closer, Account Manager, and Account Executive when the loan changes are made.
The Underwriter will review loan changes based on our Condition Review turn times. The Underwriter will send an updated Approval Certificate if the loan changes triggers a change in conditions.
IMPORTANT: Any loan changes triggering a re-underwrite is subject to increased turn times.
If the loan changes are not accepted (such as violating program guidelines), the Underwriter will revert the loan changes and provide a detailed explanation to the Processor, Post-Closer, Account Manager, and Account Executive. The loan will then be re-disclosed with the original parameters.
Change of Circumstance After Initial Closing Disclosure
If the Initial Closing Disclosure has been sent, a re-disclosure CD will be issued requiring a 3-day Loan Doc waiting period in the following cases:
A. The disclosed APR exceeds .125% of the most recently disclosed CD.
B. The loan product changes.
C. A prepayment penalty is added.
IMPORTANT: If the borrowers do not consent electronically, there is a 6-day waiting period required before Loan Docs.
To learn more about econsent, please read eConsent to Disclosures.