If the aggregate fees subject to the 10% tolerance increase more than 10%, will the bank be responsible for paying the amount above 10% or the entire amount including the 10%? (For example: if fees increased by 15% in the aggregate, will the bank pay the full 15% that exceeds the amount disclosed or only the 5% that is in excess of the 10% tolerance?)
Title Company | DC, MD, VA – settlement attorney, escrow service, title insurance – Blog – Real estate closing blog for agents, lenders and consumers
At a recent meeting of the American Land Title Association, a representative of HUD who is well known to the industry, Ivy Jackson, responded to the question: “What do I do if I know more about the [RESPA] Rule than my lender, and the lender insists on doing things their way?” Jackson’s answer was succinct:Educate provide the information Document in writing, both your attempts to explain the Rule and the lender’s demand to do it their way Save the closing instructions Close the loan
Title Insurance Talk: RESPA Referral Fee Matrix
LO’s are again asking about the RESPA rules — about when you can legally pay an affiliated party a referral fee. Dr. Gary Lacefield, RESPA Expert, has provided a RESPA REFERRAL FEE MATRIX and you can find it in the Charts & Checklist section of www.MortgageCurrentcy.com
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