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We are scheduled to close on Friday. Monday we got closing disclosures from the mortgage company to review and it had our cash to close listed. Today, we got an email from the title company scheduling the time of our closing, and they gave us wiring transfer instructions and told us the total amount needed to bring to closing.
The two amounts differ by exactly $1,200, and there's nothing in the closing costs or anything that add up to exactly $1,200. Who is supposed to have the exact amount needed to bring to closing?
The title company should have the final exact amounts.
IF that $1,200 doesn't seem to be detailed anywhere, call them and ask what it's for!
The lender's amount was $1,200 more than the amount told to us by the title company. I've reached out to both and both say that their amount is accurate as the final amount. Since the payment is being made to the title company, I'm planning on just going with their amount, just don't want a nasty surprise at the closing table if the cashier's check is too low because the lender's amount was correct.
This may depend on your area. In my area, the title company takes the lender's numbers and prepares the closing documents. There are usually minor differences, for example in the utility and tax prorations. $1200 exactly seems like a lot to me. Ours are usually off by under $100 for odds and ends.
I'm not a lender, but I believe that lenders can get in trouble if their estimates are off by more than a certain amount. So you should talk to your lender and the title company and find out WHY the big difference.
Edit* I see you posted while I was distracted while typing a response. That doesn't seem right to me that both of them say they are right. What does your agent say?
What happened here is that the Lender has to get the Closing Disclosure out BEFORE the Title company and the Lender's Closing Department actually verify Final $$ due at closing, down to the penny. Lenders do their best, but think about how stupid the CFPB is to implement a rule that requires "Final" numbers to be sent to borrowers BEFORE the Final Calculation can begin.
So - verify with the Lender and Title. Both of them are racing to the finish for you.
They're going to investigate, but it looks like it's related to closing costs. We are relocating for a job and they are direct billing some of the closing costs to the relocation company. The lender had Title Lender's Policy and Title Owner's Policy as billed partially to me and partially to the relocation service, and the title company has both of those listed as paid for entirely by the relocation company. Those two line items are the only ones that are different.
They're going to investigate, but it looks like it's related to closing costs. We are relocating for a job and they are direct billing some of the closing costs to the relocation company. The lender had Title Lender's Policy and Title Owner's Policy as billed partially to me and partially to the relocation service, and the title company has both of those listed as paid for entirely by the relocation company. Those two line items are the only ones that are different.
That's a bit of a Massive Detail you left out there.
Sorry, we weren't actually involved with the relocation company at all, they just gave us three mortgage companies they worked with and said if we went with one of those three everything would be handled without us needing to be involved so I had essentially forgotten there was a relocation company involved at all.
Lender got back again this morning and said that the title company is correct, there was a $1200 title premium adjustment credit that was accidentally removed and we're all good now with everybody on the same page.
Sorry, we weren't actually involved with the relocation company at all, they just gave us three mortgage companies they worked with and said if we went with one of those three everything would be handled without us needing to be involved so I had essentially forgotten there was a relocation company involved at all.
Lender got back again this morning and said that the title company is correct, there was a $1200 title premium adjustment credit that was accidentally removed and we're all good now with everybody on the same page.
Good deal. A $1,200 discrepancy is certainly worth fighting for.
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