Posted By: mdog76
increased loan amount, increased closign cost? - 01/11/16 03:20 PM
We have a CIC where the loan amount has increased $3,000. Does TRID allow for the title company to increase the closing cost in this transaction?
Thank you.
Posted By: RR Joker
Re: increased loan amount, increased closign cost? - 01/11/16 03:30 PM
If it's a legitimate change, and you re-disclose within 3 days of knowledge either on an LE (pre CloD) or with the initial CloD and wait the prescribed time depending on delivery method...yes.
Posted By: rlcarey
Re: increased loan amount, increased closign cost? - 01/11/16 03:47 PM
What the heck does the loan amount have to do with the cost to close the loan?? Increase in title insurance - sure, if that is what you really meant. A settlement charge - no way.