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Final GFE in Excess of the 10% Threshold

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Question: 
What happens if the final GFE is in excess of the 10% threshold due to the borrower choosing to elect their own title company rather then the one provided by the Bank initially? What should the bank do if they are ready to close on the loan?
Answer: 

If the borrower has choosen a service provider other than those provided by the bank, there are no tolerence on the fees.

First published on BankersOnline.com 9/5/11

First published on 09/05/2011

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