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#998404 - 07/17/08 08:36 PM PMI
amwood Offline
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Joined: Dec 2000
Posts: 90
San Luis Obispo, CA USA
Our bank funded a RE loan in May of 2008 and sold to FHLB. Through human error, PMI was not disclosed on the TIL. However, the payment (that the customer made in July) includes PMI, insurance and taxes escrowing. What is our options?
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Lending Compliance
#998429 - 07/17/08 09:01 PM Re: PMI
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,958
Bloomington, IN
PMI is a finance charge and any premiums collected at or before closing are pre-paid finance charges. You have a loan whose APR and finance charges are going to be understated and reimbursement is going to be in order. I'm surprised FHLB has not required you to re-purchase this loan.
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The opinions expressed are mine and they are not to be taken as legal advice.

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