   | Welcome to the Notary Talk General Discussion Forum. Before posting, please read the  |
| You are replying to this message: | | |
Posted by Bear900/CA on 3/6/18 3:23am
Jnew: "It was my understanding that the closing disclosure had to show the exact figures disbursed and if any estimates were used, a final adjusted CD had to match up with actual disbursements made."
This is mostly but not always the case. There may be some confusion on post-consummation where the actual payoff or other fees change and a new post-closing CD is required. Pamela is correct it will always be a refund.
"Cures for the Closing Disclosure post consummation"
http://www.elliemae.com/rt-faq?part=14&question=7
Pamela: "the CD cannot be more than a quarter percentage variance on Loan Amount, Interest Rate, and some expenses."
It may be best just to read the important parts of the CD to the customer.
Typical CD:
http://files.consumerfinance.gov/f/201311_cfpb_kbyo_closing-disclosure.pdf
Notice the loan amount and interest rate say "NO" to "Can this Amount increase after closing?"
The APR on a regular loan may change from the LE to the CD by 1/8th point, (.125%). If greater, a new LE must be disclosed and can cause delay. An irregular loan - won't get into that - may change up to 1/4 (.25%). That may be where the percentage amount with other items gets stuck in our heads.
As for adjustments in escrow and Notary closing costs, those are allowed a 10% tolerance and that is why you will see 'estimate' vs 'final' on the CD page 3.
I wouldn't get too deep into tolerances with customers unless you're an expert at 'zero tolerance', 'no tolerance', and '10% tolerance', how those work and what they apply to.
Finally, notary fees in CA: CA allows excess notary fees be used as a profit to the escrow company. In short they can list what they want. It's usually a marked up fee to escrow and not to the notary,
Also, in CA, a real estate broker may own an escrow company. In that case fees may help the bottom line in a slow market. The customer is still allowed to shop however.
Hope this helps. |
|
