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Of all the mortgages I've done over that last 10 years this is a first for me. So my first Loan Estimate was on 10/14 and the last update to it was done on 11/19, I'm not sure why they updated the Loan Estimate but they did 9 updates to it. My first Closing Disclosure was on 11/25 and the last one was on 12/6 (1pm), there were 4 updates total. None of these items had the fees that popped up in the closing package.
So on 12/6 (4pm) the closing package was generated and in it included a $200 lenders title insurance policy increase (from $400 to $600) and a new fee for $225 (UCC-1 filing fee). Is it legal for them to last minute (closing was last night the 9th at 7pm) increase fees/add new fees?
That's a good question - I had my closing held up for three days over a simple typo error on the fee disclosure and the new regulations apparently required that there be a timeline for prior disclosure to avoid this.
Did your loan amount change from the time of the first loan estimate? Lender's title insurance is based on the loan size. Not sure why it would increase unless loan increased or you changed title companies.
Of all the mortgages I've done over that last 10 years this is a first for me. So my first Loan Estimate was on 10/14 and the last update to it was done on 11/19, I'm not sure why they updated the Loan Estimate but they did 9 updates to it. My first Closing Disclosure was on 11/25 and the last one was on 12/6 (1pm), there were 4 updates total. None of these items had the fees that popped up in the closing package.
So on 12/6 (4pm) the closing package was generated and in it included a $200 lenders title insurance policy increase (from $400 to $600) and a new fee for $225 (UCC-1 filing fee). Is it legal for them to last minute (closing was last night the 9th at 7pm) increase fees/add new fees?
Sections A, B, and E are not to change from the first CD issued a la TRID 72 hours prior closing to closing. Items in C are charges from someone you selected and H we frequently change an hour prior to close. Hold their feet to the fire. Changes in ABE should be corrected by a cure by title or lender. No cure? File a complaint with CFPB on their website.
Of all the mortgages I've done over that last 10 years this is a first for me. So my first Loan Estimate was on 10/14 and the last update to it was done on 11/19, I'm not sure why they updated the Loan Estimate but they did 9 updates to it. My first Closing Disclosure was on 11/25 and the last one was on 12/6 (1pm), there were 4 updates total. None of these items had the fees that popped up in the closing package.
So on 12/6 (4pm) the closing package was generated and in it included a $200 lenders title insurance policy increase (from $400 to $600) and a new fee for $225 (UCC-1 filing fee). Is it legal for them to last minute (closing was last night the 9th at 7pm) increase fees/add new fees?
It is not, just a single mortgage refi for a 2016 built home with a single owner, me. They haven't answered any of my questions so I filed a CFPB complaint. Not sure how that will help since they don't really seem to care on their website or the email responses from them.
As for the other question about loan amount, the only changes that have been made are down. I had them give me an estimate higher than I owed because the payoff is always a bit higher than you owe.
Any time I've bought a house or taken out a mortgage I was given a "good faith estimate" of the closing costs. Those words are a warning that the figures are not guaranteed and are subject to change by the close of escrow. I know of no laws prohibiting last minute changes or additions and if you close escrow you've accepted those fees and no amount of complaining will change them nor will a lender get punished by any regulatory agency.
Any time I've bought a house or taken out a mortgage I was given a "good faith estimate" of the closing costs. Those words are a warning that the figures are not guaranteed and are subject to change by the close of escrow. I know of no laws prohibiting last minute changes or additions and if you close escrow you've accepted those fees and no amount of complaining will change them nor will a lender get punished by any regulatory agency.
The Good Faith Estimate went out in 2010, October to be exact and it was replacted with a Loan Estimate. Prior to loan applications, lenders have a host of fee sheets, but the Good Faiths of old were taken out of play.
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