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Did Not Collect Enough Money for Recording GFE/TIL

Answered by: 
Dan Persfull

Question: 
We disclosed the Good Faith and Early Truth In Lending and entered an amount for recording of deeds but after the loan closed it was clear we did not collect enough money for the recording so the question is since this was expended to the bank do I have to redisclose to the borrower?
Answer: 

Recording fees fall within the 10% tolerance category. If the actual amount paid by the borrower and the bank causes the aggregate charges for the 10% tolerance category to exceed the tolerance then the bank must cure the tolerance violation to the borrower, regardless who paid part or all of the charge.

If your HUD reflects inaccuracies then I would recommend issuing a revised HUD showing accurate charges.

First published on BankersOnline.com 7/23/12

First published on 07/23/2012

Filed under: 
Lending
Filed under lending as: 
Fees
HUD

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