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#2188504 - 08/09/18 09:44 AM Two Appraisals
B2B Offline
Junior Member

Registered: 11/04/15
Posts: 26
We are reviewing a loan to determine if we will purchase from another lender. The loan is a jumbo loan that the original lender required two appraisal on. The appraisals were disclosed as two separate line items on the LE. For tolerance purposes should the fees be treated as separate line items or combined?

LE:
Appraisal #1 $1000
Appraisal #2 $800

Actual Costs:
Appraisal #1 $850
Appraisal #2 $900

Is a tolerance cure due for appraisal #2 or since combined costs of $1750 is less than combined disclosed of $1800 no tolerance cure refund due at all?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2188505 - 08/09/18 09:51 AM Re: Two Appraisals [Re: B2B]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67916
Loc: Galveston, TX
Separate services are zero tolerance. But who is to say which appraisal is #1 or #2. If you labeled them #1 and #2 on the LE, just flip them on the CD and there is no tolerance issue.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2188507 - 08/09/18 10:02 AM Re: Two Appraisals [Re: B2B]
raitchjay Offline
Power Poster

Registered: 10/15/09
Posts: 7653
Loc: OK
Even flipping them sounds like it will create a $50 cure.
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I'm fixin' to fix that.

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#2188508 - 08/09/18 10:05 AM Re: Two Appraisals [Re: B2B]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 67916
Loc: Galveston, TX
Right you are smile
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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