Posted By: La. Lady
Curing Tolerance - 04/20/12 08:56 PM
I'm not sure that I will be able to explain this scenario..Apparently, our loan officer has a closing on Monday at 10:00. She received the HUD back from the attorney and it included additional charges for 3 properties. The loan officer only disclosed on the GFE one property. She told me that she received word a couple of weeks ago from the attorney that there was a problem between the GFE and the HUD...but she "never thought about redisclosing".....
She said that the customer brought in $1400 in cash as a down payment a week ago, which she turned into Money Orders. She now wants to know how she was going to tell the customer that they needed to bring in another $1300 by Monday.....She said that coming up with this money will be hard for them...they don't have an abundance of funds.....I suppose the additional money request is because of the additional properties..
She is also questioning...since we do not require Lenders Title Insurance...does she have to include that in her tolerance......
She knows that there will be a cure..She states that she is 29% over tolerance.....I know that we don't have to stop closing because of the tolerance and that we have 30 days to cure...
I know that I am probably not making sense here....If anyone knows what I MIGHT be trying to say.....Please feel free to answer.........
I hate it when someone comes up with this stuff on Friday 10 minutes before going home.....
I
She said that the customer brought in $1400 in cash as a down payment a week ago, which she turned into Money Orders. She now wants to know how she was going to tell the customer that they needed to bring in another $1300 by Monday.....She said that coming up with this money will be hard for them...they don't have an abundance of funds.....I suppose the additional money request is because of the additional properties..
She is also questioning...since we do not require Lenders Title Insurance...does she have to include that in her tolerance......
She knows that there will be a cure..She states that she is 29% over tolerance.....I know that we don't have to stop closing because of the tolerance and that we have 30 days to cure...
I know that I am probably not making sense here....If anyone knows what I MIGHT be trying to say.....Please feel free to answer.........
I hate it when someone comes up with this stuff on Friday 10 minutes before going home.....
I