Where can bankers download the LAR Formatting Tool?
In a scenario where the appraised value came in low, would an appraisal be considered as 3rd party information?
Is a notice of action taken needed in the case where we choose not to open a deposit account because of information contained in a credit report?
Is the Final Closing Disclosure mandatory to provide? If the lender provides Initial CD and the revised CD based on a Change of Circumstance and the borrower signs it, or the presumed date is over, can I skip the Final CD and provide the borrower only closing loan documents? Situation: Initial CD was issued on 10/1. The revised CD with COC was issued on 10/6 and the borrower will sign the loan docs on 10/6. Borrower will sign Revised CD and the loan docs at the same time. Is it possible?
As to a Reset Tolerance; Say an appraisal fee was disclosed $550 on the initial Loan Estimate and a revised LE was issued with a Change of Circumstances stated rate lock and the addition of discount points and fees. However, the appraisal fee was removed by accident on this revised LE. After this, the processor catches the missing of appraisal fee and issue a initial Closing Disclosure with appraisal fee $550. In this case, do I need to provide cure of $550? The reset tolerance was activated on the revised LE even if the COC at revised LE is stating only interest rate and discount point, is this correct?