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#1700785 - 05/17/12 07:08 PM GFE Disclosed Correct Fee/Amended GFE Didn't
1127Tony Offline
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Joined: Jan 2010
Posts: 31
Our original GFE to the borrower disclosed two Appraisal fees that would be required. A changed circumstance occured during the process and the borrower was provided another GFE, however only one appraisal fee appeared on the GFE by accident instead of two.

Now at closing it appears that there may be a tolerance violation because only one appraisal fee was disclosed on the amended GFE and 2 fees are appearing on the HUD.

Will the tolerance violation stand or because both appraisal fees were originaly disclosed, can we inlcude both in the comparison chart?

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RESPA
#1700798 - 05/17/12 07:27 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
TMatt87 Offline
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Idaho
I think you would have to rely on the most recently updated GFE. If that causes a tolerance violation, I would refund the customer.
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#1700814 - 05/17/12 07:45 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
RR Joker Offline
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The Swamp
Unfortunately, I have to agree.
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#1700847 - 05/17/12 08:14 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
1127Tony Offline
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Posts: 31
I do agree with both of you and just wanted to make sure that I wasn't missing anything. Thanks.

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#1701467 - 05/19/12 11:32 AM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
rlcarey Offline
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Galveston, TX
Why would you ever lower any fees on a reissued GFE?
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#1701483 - 05/19/12 05:22 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
Truffle Royale Offline

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^^^??? I don't see where the OP said he lowered anything, Randy.
As I read it, the problem was that one fee inadvertently didn't get carried over to the redisclosed GFE.

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#1701493 - 05/20/12 12:34 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
rlcarey Offline
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rlcarey
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Galveston, TX
Well, my point was that an internal control should be in place for the review of any re-issued GFE prior to delivery. If a fee is lowered (inadvertent or not), it should automatically send up red flags.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1701573 - 05/21/12 02:32 PM Re: GFE Disclosed Correct Fee/Amended GFE Didn't 1127Tony
RulesFollower Offline
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Joined: Oct 2011
Posts: 185
Yes, Randy....that internal control you speak of is what keeps me in a job!!

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