I just came across a situation where a broker disclosed the incorrect MIP monthly premiums resulting in an incorrect payment amount. The loan already closed. Now who is responsible for the error (bank or broker) (I think bank), can we redisclose to the customer and correct the payment, and finally if we can redisclose and adjust must we offer rescission? The the question comes up if they recind who takes the hit (bank or broker)?

Can you re-disclose? Yes, but IMO, it solve your problem, if the payments the borrwoer is obligated to are different than those that were disclosed. Are the payments properly disclosed on other documents (the note, the escrow analysis, payment coupons, etc.)?

There are differing opinions as to whether you can cure your rescission by re-disclosure. My opinion is that once the loan is funded, the only way to fix the problem is to adjust the payments to match the disclosure and cut a check based on zero tolerance for the payments already made. Others who post here may feel differently.

As to who takes the hit, that is a matter determined by your contract with the broker.