Best Practices: Providing a COC

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Judy, I have a file where the appraised value of the property came in lower than the sales price. The loan amount won’t change, but the buyer’s cash to close will increase by about $2,000. Do we need to send out a COC (Change of Circumstances) in this case?

It’s a smart practice to provide a COC to the borrower, but check with your investor/lender to make sure you are following their guidelines so that the loan can be purchased.