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#2118687 - 02/17/17 10:44 AM Escrow Incorrect De Minimis Amount to Re-Disclose?
SWells69 Offline
New Poster

Registered: 12/04/15
Posts: 9
After a loan is booked, our escrow department will assess each CD and the supporting documentation used for the amount of taxes and insurance and will frequently (a whole other issue) find the wrong amount has been used for taxes or insurance. These errors require us to re-disclose the CD and Initial Escrow Statement. Sometimes these errors are a few cents and sometimes they are several hundred dollars. Have you established a certain dollar amount in which you re-disclose or do you re-disclose for any amount? We have been using $5, but the way the regulation is worded I am wondering if we need to move that down to $1.

TRID - TILA/RESPA Integrated Disclosures Rule
#2118690 - 02/17/17 11:27 AM Re: Escrow Incorrect De Minimis Amount to Re-Disclose? [Re: SWells69]
Truffle Royale Offline

10K Club

Registered: 07/09/03
Posts: 15973
There is no dollar amount threshold for corrections.
If it's wrong, you fix it...period.

As for your escrow department finding errors, that needs to be fixed too.
There's absolutely no reason/excuse for taxes and insurance to be incorrect on the CD, especially by several hundred dollars.
Somebody should be checking the escrows BEFOFE closing.

The few cents errors your escrow department is finding sound like rounding issues.
Make sure your closing department and the escrow department are on the same page with calculations.