Both of these documents contain two series of checkboxes preceding the body of the agreement. The first series indicates what the purpose of the loan is, with the options being “Purchase” and “Refinance.” These options are selected based on Field 1063 Loan Purpose (MISMO).
The second series indicates the purpose of the secured property, with the options being “Primary Residence” and “Second Home.” These options are selected based on Field 1161 Occupancy.
Both Fields 1063 and 1161 contain more options than what are displayed in these two series. In order to accommodate them, as well as to provide more options in disclosing to the borrower what the purpose of the loan and secured property are in connection with their rate lock-in agreement, we will be modifying these documents as follows:
- In the first series, we will be including the options “Construction” (which will be selected when Field 1063 equals either “ConstructionOnly” or “ConstructiontoPermanent”) and “HELOC” (which will be selected when the Field equals “HELOC”).
- In the second series, we will be including “Investment,” which will be selected when Field 1161 equals “Investment.”
In addition, we will also be adding the captions “Loan Purpose:” and “Occupancy Type:” before each series, in order to better organize the document.
These changes will take effect on October 28, 2014. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
October 21, 2014