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#2218895 - 08/01/19 04:44 AM Broker Cure
Hawk Offline
Member
Joined: Jan 2019
Posts: 56
Is a broker allowed to cure anything?

I was always under the impression that they could not.

If a broker discloses fees and a lender accepts, and later those fees turn out to be hire and a cure is necessary... can it be placed on the broker?

I always thought that if a lender accepts a submission, they and only they are are responsible for that cure.

Thoughts?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2218896 - 08/01/19 11:57 AM Re: Broker Cure Hawk
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Loan Originator compensation may be varied based on: The quality of the loan originator's loan files ( e.g., accuracy and completeness of the loan documentation) submitted to the creditor.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2218981 - 08/02/19 03:30 AM Re: Broker Cure Hawk
Hawk Offline
Member
Joined: Jan 2019
Posts: 56
What does that mean? If the broker screws up, the lender can dock their pay? lol

Im asking if broker's are allowed to cure fees. If say the appraisal is under disclosed, could the broker cure it. I always thought the lender had to, and that the broker isnt really allowed.
Last edited by Hawk; 08/02/19 03:32 AM.
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#2218982 - 08/02/19 11:27 AM Re: Broker Cure Hawk
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
You mean them voluntarily curing any deficiency rather than the lender reducing their compensation? I am having a hard time coming up with a reason why it would not be allowed? But if the lender pays the broker and the broker hands money back to the lender for a cure - how is that not reducing their compensation based on a quality issue?
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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