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RESPA Title Company Fees- 10% Tolerance

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Question: 
Can a bank have a service provider list which does not list title companies and just put all title company fees in the charges that in total cannot increase more than 10 % column? If I am reading the RESPA Q & A correctly, if you do not provide a list the fees would be subject to the 10 % tolerance.
Answer: 

That would be correct. If you do not provide a preferred provider list, then title charges would fall into the 10% category.

First published on BankersOnline.com 11/12/12

First published on 11/12/2012

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