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#2244676 - 10/27/20 04:02 PM Mitigating Cure Violations
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Hi there- Working through internal monitoring and noticed that front-line and LOS Administrator set up fees wrong for our Settlement Service Provider. The Settlement Service Provider charges (consistently) a Chain of Title fee, but it was not set up on our SSP List, AND the fee was never disclosed on the LE's, only on the Initial CD. It wasn't a valid changed circumstance, as it is our Settlement Service Provider. How far back should my FI go to ensure that our Borrowers are reimbursed the Chain of Title fee that should have been on the SSP List and Initial LE? I have already worked with our LOS Admin and Operations Team to include the Chain of Title Fee on the SSP List and Initial LE going forward...looking back to do what we can to mitigate violations already created.

Thank you!

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TRID - TILA/RESPA Integrated Disclosures Rule
#2244685 - 10/27/20 04:36 PM Re: Mitigating Cure Violations Cheli
Inspector Offline
Gold Star
Joined: Apr 2016
Posts: 283
It depends on who you are trying to appease. The simplest argument is that you shouldn't have charged it so you should go back to the date the problem started. If you are concerned about a regulator, my experience has been that they don't typically expect file searches to go past five years but they also consider whether documentation exists to actually conduct the search. You could also try reaching out to your local office. Lastly, there is the shorter TILA statute of limitations.

My view is that unless its wildly complicated to do, might as well make everyone whole. If you have compliance exams it is also a nice way to demonstrate your commitment to corrective action.
_________________________
Opinions expressed are my own and do not reflect legal advice or the opinions of my employer.

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#2244879 - 10/30/20 04:58 PM Re: Mitigating Cure Violations Cheli
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Thank you for your response. I think it will be very time consuming more than complicated, so putting a team together to fix may be thest approach...

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