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#1793361 - 03/11/13 05:16 PM
can you correct a GFE?
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Diamond Poster
Joined: Jan 2004
Posts: 1,621
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MLO receives application in mail,and borrower calls him the same day asking for GFE. MLO emails out GFE. oops - GFE is incorrect because MLO put in a incorrect $ number, - MLO discovers that the same day. MLO immediately emails correct GFE.
so can you do that, correct a GFE the same day./
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#1793362 - 03/11/13 05:17 PM
Re: can you correct a GFE?
Burgess
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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No. Not without a valid COC, which is highly unlikely. Another question, however...are you set up to comply with esign for GFE delivery??
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1793376 - 03/11/13 05:33 PM
Re: can you correct a GFE?
RR Joker
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Diamond Poster
Joined: Jan 2004
Posts: 1,621
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we had the esign covered, so both emails/GFE delivery comply.
so no authority to immediately correct a wrong GFE. If you were filling one out at the office, placed it in the borrowers hands, and immediately said "opps, i forgot a fee, let me have that back!" - you are out of luck.
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#1793385 - 03/11/13 05:38 PM
Re: can you correct a GFE?
Burgess
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Joined: Jul 2001
Posts: 83,528
Galveston, TX
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If it was delivered under E-sign, you don't get second chances.
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#1796169 - 03/19/13 03:34 PM
Re: can you correct a GFE?
Burgess
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New Poster
Joined: Sep 2012
Posts: 3
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May I pose a question similar to this topic? A GFE was issued on a refi that included title fees in block 4 and 5 (owner's title). The borrower requested a reduction in the loan amount. As the change in circumstance was being processed, the error regarding block 5 was discovered and the amount moved to block 4 resulting in an increase. Is this correction allowed?
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Things may come to those who wait but only the things left by those who hustle - Abe Lincoln
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#1796236 - 03/19/13 05:04 PM
Re: can you correct a GFE?
Truffle Royale
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Joined: Sep 2012
Posts: 3
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Thank you!
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Things may come to those who wait but only the things left by those who hustle - Abe Lincoln
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#1803429 - 04/10/13 07:57 PM
Re: can you correct a GFE?
Burgess
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New Poster
Joined: Mar 2013
Posts: 11
Utah
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When the GFE was redisclosed for the lock event they didn't change the Important Dates #4 to "NA".
Should they issue a new GFE with the corrected information (of course...the 3 days since the lock event has expired).
I know if it were fees that were wrong we'd be stuck...but how do we handle dates that are wrong on redisclosed GFE's?
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#1803448 - 04/10/13 08:26 PM
Re: can you correct a GFE?
Burgess
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10K Club
Joined: Jul 2001
Posts: 83,528
Galveston, TX
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It's a disclosure error - I would just move on.
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#1803451 - 04/10/13 08:37 PM
Re: can you correct a GFE?
Burgess
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New Poster
Joined: Mar 2013
Posts: 11
Utah
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Are there any consequences to having this error on the GFE disclosure? Does it render the GFE invalid making us refer to the previously disclosed GFE?
Thanks for the help!
Last edited by Sam Charly; 04/10/13 09:41 PM.
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#1803503 - 04/10/13 09:53 PM
Re: can you correct a GFE?
Burgess
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10K Club
Joined: Jul 2001
Posts: 83,528
Galveston, TX
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I would say no. This is a gotcha type of violation. Figure out how it happened, train and make sure it doesn't happen on a regular basis.
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#1803512 - 04/10/13 10:10 PM
Re: can you correct a GFE?
Burgess
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New Poster
Joined: Mar 2013
Posts: 11
Utah
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#1804948 - 04/16/13 02:00 PM
Re: can you correct a GFE?...Additional Question
Burgess
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Joined: Nov 2002
Posts: 20,656
The Swamp
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Hard question to answer, D&C. Once you have the elements to be considered an application for RESPA purposes, you have 3 days to issue your GFE. This may or may not correspond with a written application date.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1805008 - 04/16/13 03:34 PM
Re: can you correct a GFE?...Additional Question
Dazed & Confused
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10K Club
Joined: Jul 2003
Posts: 17,402
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We have an mortgage investor that is now asking for initial GFE's and have discovered where one mortgage officer matched the dates to the credit bureau date rather than the date it was really taken to document for HMDA. We are out of luck aren't we?
Yes, you're out of luck. This LO needs to be properly trained. Additionally, I'd be reviewing all his apps & GFEs pfor a while going forward.
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#1805097 - 04/16/13 05:31 PM
Re: can you correct a GFE?...Additional Question
Burgess
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10K Club
Joined: Aug 2002
Posts: 47,542
Bloomington, IN
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The date of application is the date the bank received the application, not when the loan officer decides to sign it.
It sounds like the Mortgage Manager needs to review their application procedures and make the necessary changes to properly document when the bank received the application.
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#1805119 - 04/16/13 06:04 PM
Re: can you correct a GFE?...Additional Question
Burgess
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New Poster
Joined: Sep 2012
Posts: 15
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What happens if the initial GFE showed the rate was floating but in reality the Borrower requested the rate to be locked on the same day of application. 1 week prior to closing, we noticed that the GFE was showing as floating. Can we just leave it the way it is (an error on our part) since rate remains when it was floating. We will be out of compliance but can we document that the Processor inadvertently forgot to show on the GFE that it was locked. No fees and rate remain.
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#1805381 - 04/17/13 01:32 PM
Re: can you correct a GFE?...Additional Question
Burgess
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10K Club
Joined: Aug 2002
Posts: 47,542
Bloomington, IN
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Not really much you can do. You have a Section 5 violation for not providing a revised GFE due to a borrower initiated rate lock within 3 business days.
All fees disclosed on the original GFE are the fees you will have to disclose in the GFE column of the comparison chart on page 3 of the HUD.
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The opinions expressed are mine and they are not to be taken as legal advice.
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