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#2067139 - 03/02/16 06:44 PM Post-Close CloD Re-Disclosure
Cheli Offline
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Cheli
Joined: May 2013
Posts: 919
Hi- I am performing reviews on CloD's that have been re-disclosed, post-close, due to clerical errors and re-imbursements etc...

I came across 1 CloD that had multiple errors. The re-imbursement was provided within weeks of consummation, as well as a CloD, but the mistakes are making cringe. I have documented the file, and have retraining already in the works, but should I send the corrected CloD to the consumer (mind you this is out of 60 day window TRID calls for)...I figure better late than never - Right?

Thoughts?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2067152 - 03/02/16 07:19 PM Re: Post-Close CloD Re-Disclosure Cheli
RR Joker Offline
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The Swamp
I would, most definitely.
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#2067161 - 03/02/16 07:52 PM Re: Post-Close CloD Re-Disclosure Cheli
Cheli Offline
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Cheli
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I'm on it- thank you.

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#2067229 - 03/02/16 10:31 PM Re: Post-Close CloD Re-Disclosure Cheli
Darth HMDA, CRCM, CAMS Offline
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Darth HMDA, CRCM, CAMS
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CA
We had a clerical error I identified after 60 days - still recommended the department send out. You may be in violation, but at least you sent the correction.

like you said, better late than never.
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The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.

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#2067404 - 03/03/16 07:53 PM Re: Post-Close CloD Re-Disclosure Cheli
mdog76 Offline
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Posts: 645
Tagging along to this thread. We closed a loan through the mail with a customer on a second home. During the process of closing, the customer was informed that the homeowners insurance that was quoted and used for the LE and CD, that company backed out and would not insure the home. The customers found a second company but now the premium is about 4 times what was used on the LE and signed CD. Do we re-disclose the CD showing the new insurance premium? I'm thinking so even though this is an unlimited tolerance category.

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#2067407 - 03/03/16 08:06 PM Re: Post-Close CloD Re-Disclosure Cheli
mdog76 Offline
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Posts: 645
Let me add that the new premium amount as not known until after the loan was closed but the officer did not disburse until the premium issue was fixed.

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#2067413 - 03/03/16 08:24 PM Re: Post-Close CloD Re-Disclosure Cheli
raitchjay Online
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OK
Kind of an odd scenario, since normally the loan wouldn't close without a paid insurance premium presented at or before closing, but yes, if the premium shown on the CD isn't accurate, i would re-disclose to show the actual fee.
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#2067427 - 03/03/16 08:45 PM Re: Post-Close CloD Re-Disclosure Cheli
mdog76 Offline
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I know, not real happy on how it went down but that's what I was told.

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#2067628 - 03/04/16 06:51 PM Re: Post-Close CloD Re-Disclosure Cheli
Compliance OK Offline
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I would re-disclose, as well. Try to keep everything in a good faith effort mindset.

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#2067887 - 03/07/16 07:27 PM Re: Post-Close CloD Re-Disclosure Cheli
Cheli Offline
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Cheli
Joined: May 2013
Posts: 919
May I collect feedback on what other FI's are doing to identify changes to the CloD that will cause re-disclosure of the CloD, post-close?

My issue is that 1) I am having a difficult time assigning this task to the processing area (who deals with the post-close functions as well)... 2) not only the pushback, but a "system" that works out side of 2nd line audits...

Any thoughts?

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