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#22375 - 06/28/02 08:42 PM TIL - Fed Box

Just doing a compliance review of mortgage loan documentation and discovered a human error (new Emp. - our training fault) typing problem in the FED BOX. The APR is within tolerance, however the FC and AMT FIN are not correct due to the fees involved. The Total of Payments and the Payment Schedule are correct as well. How do I correct? I'd like to send a whole new TIL to the customer, with a letter saying why they're receiving it with a copy of the 'old' one for them to see the differences - the lending officer would prefer a letter with the corrected difference going across a line and the 'old' going across the line right below for the difference and then stating the payment schedule & all else is the same. Actually, his preference is to do nothing because the APR is within tolerances - I feel we need to do something because IT IS THE FED BOX.. but not sure what, how, or how much? There will most likely be several of these to correct if we have to, unfortunately. Thanks.

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Lending Compliance
#22376 - 06/28/02 10:29 PM Re: TIL - Fed Box
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
If the FC is out of tolerance, a "we screwed up" letter with a new disclosure won't do it. You'll need to reimburse.
...gone fishing.

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