Defining a Change of Circumstance
Any time after submitting your loan, you may need to request a Change of Circumstance (CoC). A Change of Circumstance should be submitted for any of the following:
A. Out of Tolerance APR Changes (i.e. Program Change, Interest Rate Change, etc.)
B. Loan Program Changes (i.e. Fixed to ARM, Loan Term Change, etc.)
C. Loan Amount Changes
IMPORTANT: After Initial Loan Estimate or Submission (whichever comes first), you will only be able to adjust the Rate Lock Period and Impounds. To learn more, read Locking a Loan.
Requesting a Change of Circumstance
To request a Change of Circumstance (COC), submit the online Change of Circumstance (COC) Form.
If you have any questions, your Account Manager’s contact information is listed under Junior Processor in the Status and Agents tab.
Change of Circumstance Review
The Disclosures Team will review the CoC, modify the loan, and send out a re-disclosure. They will notify the Processor, Account Manager, and Account Executive when the loan changes are made.
The Underwriter will review applicable CoCs after the re-disclosure is sent based on our Condition Review turn times. The Underwriter will send an updated Approval Certificate if the CoC triggers a change in conditions.
IMPORTANT: A CoC triggering a re-underwrite is subject to increased turn times.
If the CoC is not accepted (such as violating program guidelines), the Underwriter will revert the loan changes and provide a detailed explanation to the Processor, 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.