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Additional Information Section of LE

Home Forums Compliance Masters Group (Members Only) Additional Information Section of LE

This topic contains 1 reply, has 2 voices, and was last updated by  rcooper 3 years, 8 months ago.

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  • #8234

    adregne
    Participant

    Is it required to have a loan officer listed on the initial Loan Estimate when at the time of disclosure the loan officer name is unknown? Our customers are able to use an online application system, through Mortgage Bot, to complete a Real Estate application. When the application is completed, the name of the loan officer is unknown. Is it alright to wait to complete that portion when the rate is locked and a new Loan Estimate is disclosed?

    #8251

    rcooper
    Keymaster

    This specific situation isn’t addressed in the reg, commentary or preamble, but we believe you need to disclose a loan officer on the initial LE. If that loan officer has changed at the time the rate is locked then that information would change on the revised Loan Estimate.

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