So it's days like this I really question why I work in Compliance smile
Last edited by Darth HMDA; 05/25/16 09:44 PM.
We have a loan that was consummated a few days ago. Three days later the escrow company calls us and notifies us that the borrower/seller have added a small adjacent parcel to the transaction. This was never brought to our attention before docs went out.
The department ordered an updated appraisal, updating the legal description. Now, we're already in violation because were not sending out the corrected appraisal prior to consummation. I was asked to research what to do today and the department funded the loan while I was researching.
it's clearly a violation, and the department will be sending a copy of the corrected appraisal. Other than crying under my desk and notifying appropriate personnel of the error, is there anything else that can be done. A waiver can be used within three days PRIOR to consummation to correct a clerical error... never heard of one post-consummation.
Sigh. Thanks everyone. Any help would be greatly appreciated.
The opinions expressed are mine, do not represent the opinions of my employer, and they are not to be taken as legal advice.