1. If I change my mind on my loan type (example: variable to fixed) do I still have to sign my disclosure received from my mortgage lender on the variable rate mortgage? Is there a time frame the lender has to get me new disclosures on the fixed rate loan?
2. If we received our disclosures within the 3 days of application, how long do we have to review and return back to our lender? Do both my wife and I have to sign the GFE and TIL before returning back to our lender? If I will be out of town, can my wife just sign all disclosures and return and them, then I will sign when I return several days later? If so, do I sign and date the same day as my wife or the date I reviewed the information?
3. Can the disclosures be emailed to a general email address that can be answered by others or does it need to go to an email address that can only be answered by the applicant and co-applicant?
Lender policies and state rules may influence this, but as a general rule if you applied for a variable rate loan and have not yet closed that loan, you may back out of the transaction. The lender would show that you were approved for a loan that you requested but withdrew. You may or may not have costs associated with this action.
You could state that instead of this loan product, you want a fixed rate loan. The lender could handle this as a brand new request. They may even start a lot of the process over, including making new disclosure as required. Because your approval was based on the terms of that variable rate loan, you may or may not qualify for this new product you are requesting. You would have to be evaluated for that.
If you are not certain you want this variable rate loan, ask all the questions you want prior to closing. Don't plan to make changes afterward as that may be more expensive to you than backing out.
Your lender is required to send you early disclosures on certain mortgage loan products within 3 business days of receiving your completed application. Many lenders want these back, signed. But there is no regulatory requirement for them to be returned, only delivered to you.
Because your signature may be verified from document to document, forgery is not an answer to getting your loan processed in a faster manner. Emailing disclosures is allowed under regulations and laws, but often there are numerous conditions that must be met. Your lender would go through these with you, including obtaining what is known as "demonstrable consent." This is where you show that you can receive, read and react to any messages they send you. If you choose an email account to which others have access, you are decreasing your privacy protections and allowing these other users to potentially see your private and confidential correspondence. Most often though, the emails you receive will be somewhat generic and require a user name and or password to access your informations which is either linked to a web site, or in an encrypted attachment. That may not always be the case though. Instead of opening yourself to this liability and perhaps your personal loss, you should seek to use a private account that only you and other account owners have access to.
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Lender policies and state rules may influence this, but as a general rule if you applied for a variable rate loan and have not yet closed that loan, you may back out of the transaction. The lender would show that you were approved for a loan that you requested but withdrew. You may or may not have costs associated with this action.
