Compliance Memo C2021-08 Changes after Initial CD has been issued that Require a File ReStart
This memo is a reminder and notification of updated policies as and procedures as it relates to specific changes after the Initial Closing Disclosure (ICD) has been issued.
Previously, only change after ICD had been issued that was not allowed and required a file restart was the need to add an additional borrower as a Loan Estimate cannot be sent after a closing disclosure has been issued. We have updated this policy to include any program change will now require a file restart.
When adding a borrower or changing programs (ie; Conventional to FHA) after the ICD has been issued, your original file needs to be denied (by Underwriting) and a new file needs to be started. The following items need to be copied from original file into new file, if applies:
Borrower supporting documentation
Effective: July 1, 2021
If you have any questions or need additional clarification, please reach out to the Compliance at Compliance@goldstarfinancial.com.