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#2188504 - 08/09/18 01:44 PM Two Appraisals
B2B Offline
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Joined: Nov 2015
Posts: 39
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 01:51 PM Re: Two Appraisals B2B
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
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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#2188507 - 08/09/18 02:02 PM Re: Two Appraisals B2B
raitchjay Online
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Joined: Oct 2009
Posts: 9,086
OK
Even flipping them sounds like it will create a $50 cure.
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#2188508 - 08/09/18 02:05 PM Re: Two Appraisals B2B
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,224
Galveston, TX
Right you are smile
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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