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#2197303 - 11/05/18 04:26 PM Purchase with renovations
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
We have a LE and a CD that do not match for closing costs. The loan amounts match, but the LE did not show 80K as cash out for renovations. The CD shows 80K as part of the closing costs so there is a significant change in two documents. The 80K was included on the CD under H and offset under L as part of the total loan amount paid on behalf of borrower.The loan closed Feb 2018. Overall the cash the borrower had to bring to closing really decreased, but again the original 80 wasn't included so it is hard to compare them.
Do I have a violation, and if so how do I correct this?
Thanks!!

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TRID - TILA/RESPA Integrated Disclosures Rule
#2197305 - 11/05/18 04:36 PM Re: Purchase with renovations sra724
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,353
Galveston, TX
You can't correct an LE that was incorrect.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2197308 - 11/05/18 04:49 PM Re: Purchase with renovations sra724
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
I understand that, but is this a violation that will cost the bank money?

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#2197336 - 11/05/18 06:53 PM Re: Purchase with renovations sra724
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,353
Galveston, TX
It does not appear to involve a tolerance violation. Just a good faith violation..
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2197339 - 11/05/18 07:07 PM Re: Purchase with renovations sra724
sra724 Offline
Junior Member
Joined: Jul 2011
Posts: 46
Thank you!!!

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