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#2173599 - 04/16/18 10:11 AM New Information - Add Fee?
Owlman Offline
Junior Member

Registered: 12/02/15
Posts: 45
We have received new information from the appraisal that the dwelling in question is not quite finished. The lender wants to issue a revised LE with a changed circumstance since there will be an additional cost for the final inspection prior to closing. Are we allowed to issue a revised LE since this is new information? I'm finding where a fee can be increased, just not where it can be added.

Thanks

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TRID - TILA/RESPA Integrated Disclosures Rule
#2173633 - 04/16/18 11:49 AM Re: New Information - Add Fee? [Re: Owlman]
Tracey, CRCM Offline
Platinum Poster

Registered: 07/06/15
Posts: 522
Loc: Gorham, ME
Yes, you can re-issue the LE as this is new information
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Tracey

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#2173636 - 04/16/18 11:51 AM Re: New Information - Add Fee? [Re: Owlman]
Owlman Offline
Junior Member

Registered: 12/02/15
Posts: 45
Thanks Tracey! I'm always skittish about adding any fees that were not originally on the LE.

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#2173641 - 04/16/18 11:56 AM Re: New Information - Add Fee? [Re: Owlman]
raitchjay Offline
Power Poster

Registered: 10/15/09
Posts: 7631
Loc: OK
I think it depends--could/should your bank have known about the need for a final inspection at the time of issuing the LE (your statement about the dwelling being "not quite finished" makes me wonder if your bank shouldn't have already known that)? If so, i don't see how you can call it a valid changed circumstance. I think it comes down to whether you truly did your due diligence in developing a good faith estimate of loan costs at that time.
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I'm fixin' to fix that.

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#2173645 - 04/16/18 12:01 PM Re: New Information - Add Fee? [Re: Owlman]
Owlman Offline
Junior Member

Registered: 12/02/15
Posts: 45
Alright raitchjay, I guess it comes down to a discussion with the lender regarding what we knew, and when we knew it. Thank you for your input.

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#2174044 - 04/18/18 11:52 AM Re: New Information - Add Fee? [Re: Owlman]
John Burnett Offline

10K Club

Registered: 10/27/00
Posts: 37160
Loc: Cape Cod
"What did we know, and when did we know it?" is the key question for any LE. Or better yet, "What did we know, and when should we have known it?"
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John S. Burnett
BankersOnline.com
Professional Compliance Nerd since 1976
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