During a review of closed loans, it was discovered that a loan was closed with a higher rate than it should have been.
*LE had correct rate - this rate was not locked in
*CD sent to customer prior to closing had incorrect rate - they had time to notice the error
*All closing documents had incorrect rate

Can this be corrected by just doing a modification? Seems like we can't unwind this transaction since it has already closed. This would be the least painful way to correct this issue for the customer (I would think).

If your legal obligation has the wrong rate and you want to lower the rate, that would be accomplished through a loan modification. This is not a TRID issue.

Thank you! I wanted to make sure I wasn't making it too simple as I did not think we needed to do anything further, but it's always good to get others' opinions.