Posted By: MJNoone
Incorrect Title Quote - Which LE for Tolerance? - 08/25/21 09:28 PM
In a TRID purchase transaction, the Title Company quoted a settlement fee of $650 which was disclosed on the Initial LE.
A revised LE was sent when the Rate was locked. MLO confirmed title and settlement fees with the Title Company personnel. At this point, Title Company quoted a fee of $350 since they were only closing the sale portion of the transaction and not the loan portion.
Now we get to closing and Title Company says settlement fee is $650 because they charge for loan closing whether they do that or not and the person who gave the quote for the revised LE misquoted.
If the Title Company won't budge on their final settlement fee of $650, is our tolerance comparison between the CD settlement amount ($650) and the Initial LE amount ($650) or the Revised LE amount ($350) for determination of any tolerance violations?
A revised LE was sent when the Rate was locked. MLO confirmed title and settlement fees with the Title Company personnel. At this point, Title Company quoted a fee of $350 since they were only closing the sale portion of the transaction and not the loan portion.
Now we get to closing and Title Company says settlement fee is $650 because they charge for loan closing whether they do that or not and the person who gave the quote for the revised LE misquoted.
If the Title Company won't budge on their final settlement fee of $650, is our tolerance comparison between the CD settlement amount ($650) and the Initial LE amount ($650) or the Revised LE amount ($350) for determination of any tolerance violations?