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#2127302 - 04/20/17 01:31 PM Construction Only-Refund from Bank B for overpmt
Tarhe Offline
Platinum Poster

Registered: 11/15/06
Posts: 689
Loc: California
We made a construction only loan (non-revolving line) that included a payoff to Bank B. We wired the payoff to Bank B yesterday and have learned that we overpaid by about 2 days worth of interest. Bank B will issue a refund to the borrower directly. How do we reflect this in our post-close corrected Closing Disclosure (everything was financed from the line)? I'm thinking we correct the payoff amount in the Payoffs and Payments section and show the difference (i.e., refund) in Cash to Close "TO BORROWER"? Does it matter that the cash refund is coming from Bank B and not us?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2127305 - 04/20/17 01:41 PM Re: Construction Only-Refund from Bank B for overpmt [Re: Tarhe]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 61557
Loc: Galveston, TX
You don't - you were not involved with the refund.
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#2127307 - 04/20/17 01:48 PM Re: Construction Only-Refund from Bank B for overpmt [Re: Tarhe]
Tarhe Offline
Platinum Poster

Registered: 11/15/06
Posts: 689
Loc: California
Well, that simplifies things!! Thank you!!

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