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#2132566 - 05/31/17 07:39 PM Error on HOA Monthly Dues on CD
RolTyde Offline
Member
Joined: Nov 2008
Posts: 78
Anywhere but here
We have a loan that closed where the estimated taxes, insurance and assessments on page 1 of the CD included HOA dues as a monthly amount. This is not an escrowed item but of course must be disclosed. The HOA dues were miscalculated as a monthly amount. It should have been $200 a month but was entered as $200 a year making it $16.67 a month.

This did not affect anything that was charged or collected at closing. Only in the estimated taxes, insurance and assessments section of page 1 of the CD does it reflect the error. -On page 2 of the CD the HOA was due for the quarter and it was calculated correctly based on $200 a month instead of a year. Should we issue a revised CD for informational purposes to show the correct numbers on page 1 in the estimated taxes, insurance and assessments section? There is no amount to cure.

Thanks for any advice you can provide.

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#2132653 - 06/01/17 02:22 PM Re: Error on HOA Monthly Dues on CD RolTyde
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,347
Yes, I would give a corrected CD. Takes only a minute to fix and imho, it's worth it to inform the borrower and cya. smirk

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#2132884 - 06/02/17 03:07 PM Re: Error on HOA Monthly Dues on CD RolTyde
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,684
Cape Cod
Agree. It's a clerical error, but it's misleading not to correct it.
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#2133040 - 06/05/17 02:22 PM Re: Error on HOA Monthly Dues on CD John Burnett
RolTyde Offline
Member
Joined: Nov 2008
Posts: 78
Anywhere but here
Thanks!

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