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Fee increases when loan increases

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If loan amount requested on a pending mortgage application was changed after the Loan Estimate was issued and prior to the Closing Disclosure, can the appraisal fee can be increased?

If you know the appraisal is going to be more than the amount disclosed on the initial LE, then under the good faith requirements, you will have to disclose the higher amount on any future disclosures issued. However, a higher loan amount is not a valid changed circumstance allowing you to raise your appraisal fee baseline for tolerance testing.

First published on 06/26/2022

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