Posted By: ComplianceMN
"Title" not before a title fee - 01/11/17 05:21 PM
If our third party processor forgot to put "Title" in front of a title fee on the LE and we missed it before sending it out (customer can shop for this service) can we still charge for this fee? Or does this become a fee that we will need to eat and not charge the customer for? Thanks.
Posted By: Truffle Royale
Re: "Title" not before a title fee - 01/11/17 06:24 PM
What is the fee for?
And if a third party made an error that resulted in eating a fee, I'd be making them pay for it, not me.
Posted By: raitchjay
Re: "Title" not before a title fee - 01/11/17 08:18 PM
Not saying it's not important to get such errors corrected, but i wouldn't look at the omission of "title" as meaning the fee must be eaten by the bank. JMO.
Posted By: JC (Darth HMDA)
Re: "Title" not before a title fee - 01/12/17 12:52 AM
I'd agree with Raitch - I wouldn't necessarily consider that eating the fee - more of a clerical error that should be fixed on the next disclosure.
You must be really confident in a third party to allow them to produce your disclosures!
Posted By: Compliance NABW
Re: "Title" not before a title fee - 01/12/17 02:28 PM
Yes, you have a naming convention error, but this is not a tolerance cure issue.