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#2228384 - 01/07/20 05:40 PM Corrected Closing Disclosure
KTMiteComply Offline
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KTMiteComply
Joined: Jul 2007
Posts: 3,298
only if I want to....
Our Closing Disclosure shows the Borrower paying $500 for a Survey. We paid the $500 directly to the Surveyor.

Invoice ended up being for $400 (we were provided an incorrect copy and didn't catch it)

The Survey Company has reimbursed the borrower $100 instead of sending to us.

I am being told that we have to send the Borrower $100. If the Borrower has already been reimbursed this money, then why do I have to also send them $100 (which will give them $200)? I can understand maybe doing a Corrected Closing Disclosure and showing proof of where the Survey Company Reimbursed the Borrower but I just can't wrap my head around also paying them these monies?

Thanks
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Trust in the Lord with ALL your heart...Prov 3:5-6

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TRID - TILA/RESPA Integrated Disclosures Rule
#2228491 - 01/08/20 02:31 PM Re: Corrected Closing Disclosure KTMiteComply
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
You are required to send them an updated CD with the correct fees shown. I would also include a cover letter indicating the change in the survey fee and indicate that it is the bank's understanding that the surveyor has directly refunded the $100 to them and give them instructions as to whom to contact if they have not received their proper refund.

Whoever is telling you that the bank has to also cure this is "outside of the property line" smile
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#2228523 - 01/08/20 04:56 PM Re: Corrected Closing Disclosure rlcarey
Adam Witmer Offline
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Joined: Sep 2010
Posts: 2,643
Originally Posted by rlcarey
Whoever is telling you that the bank has to also cure this is "outside of the property line" smile

Fantastic compliance humor, Randy. laugh
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Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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