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#2251683 - 04/01/21 04:44 PM Total of Payments Cure
Isn'tThisFun Offline
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What are the options for "correcting" a CD where the total of payments on page 5 did not have the loan costs included in the total? Since it's a numerical clerical error it doesn't look like we have many "cure" options. The APR is correctly stated. Do we need to correct the line item and mail out the correct one?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2251687 - 04/01/21 05:43 PM Re: Total of Payments Cure Isn'tThisFun
rlcarey Online
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There is no cure for an error in total of payments. Just pray this loan never goes to foreclosure if a right of rescission is involved.
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#2252381 - 04/15/21 12:12 AM Re: Total of Payments Cure Isn'tThisFun
CMSIngenue Offline
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What if a fee increases after consummation and it is discovered only after the settlement agent issues the Final HUD? Can't the lender issue a cure in the form of a lender credit through a Post Close Closing Disclosure?

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#2252385 - 04/15/21 11:47 AM Re: Total of Payments Cure Isn'tThisFun
rlcarey Online
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If the change does not impact the amount that the borrower had to pay - what post closing CD?

(iii) Changes due to events occurring after consummation. If during the 30-day period following consummation, an event in connection with the settlement of the transaction occurs that causes the disclosures required under paragraph (f)(1)(i) of this section to become inaccurate, and such inaccuracy results in a change to an amount actually paid by the consumer from that amount disclosed under paragraph (f)(1)(i) of this section, the creditor shall deliver or place in the mail corrected disclosures not later than 30 days after receiving information sufficient to establish that such event has occurred.
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#2252421 - 04/15/21 04:31 PM Re: Total of Payments Cure Isn'tThisFun
CMSIngenue Offline
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Issue a Post Close CD to reflect the increase in the charge so that it matches the Final HUD but also to show that the lender covered the cost of the increase.

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#2252422 - 04/15/21 04:38 PM Re: Total of Payments Cure Isn'tThisFun
rlcarey Online
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rlcarey
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Galveston, TX
If the lender is paying for the specific fee, it would normally go in the paid by others column and would not be a lender credit. Since that does not impact the amounts paid by the consumer, there would be no post closing CD.

Final HUD - what is that - something given to you by a title company. There is never a HUD-1 on a TRID consumer loan? I surely hope your settlement agent is not delivering one to the consumers.
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#2252450 - 04/15/21 11:03 PM Re: Total of Payments Cure Isn'tThisFun
CMSIngenue Offline
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Most escrows still issue a final HUD after closing with the final numbers. Pragmatically, many state examiners want to see it or the disbursement ledger as well as investors who buy loans. So it still plays a roll even on TRID loans.

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#2252452 - 04/16/21 11:05 AM Re: Total of Payments Cure Isn'tThisFun
rlcarey Online
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rlcarey
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Galveston, TX
They may issue one, but if they are giving it to the consumer it represents a violation. Whatever the settlement/escrow agent issues has nothing to do with the responsibility of the lender. I have never seen an investor request a HUD-1 settlement statement from the settlement/escrow agent.

In Texas the title company is required to issue a T-64. https://www.tdi.texas.gov/title/documents/t64sample.pdf
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