Re-disclosure of GFE/ BARDE form

Post date: Dec 20, 2010 7:45:56 PM

Dear Loan Officers,


Rates have gone up so much during the last 2-3 weeks and it had affected many of our files.  At time of lock, if the APR increases by more than 0.125% from initial TIL disclosure, then we must re-disclose with new set of GFE and TIL to borrower and MUST WAIT 3 BUSINESS DAYS prior to ordering loan docs.  To expedite this re-disclosure process, we want to encourage all borrowers to sign attached BARDE form (Borrower’s Authorization to Receive Docs Electronically) at loan setup stage.  


Please keep in mind that there is NO waiver on 3-days waiting period after re-disclosure.  This WILL delay your loan docs and it will delay funding as well.  Thus, please check your pipeline and let us know if any of your files are being affected due to increase in pricing/rate.  Please advise us ASAP if any of your files are being affected so that we can properly re-disclose correct APR to borrowers.  Also, if your borrower has NOT signed BARDE form, please get it signed right away.  


Thank you and let me know if you have any questions.