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July 28, 2014


Michele Murphy

So...under NO Tolerance would be appraisals? We disclose to the borrower (they are also not legally allowed to choose their own appraiser), but the appraiser charges more for a trip fee, unusual property, or has to go back due to something incomplete with the property. The change in fee is not allowed in the 10% tolerance, and if we don't have a 3 day heads up WE have to refund the fee difference to the borrower. Foolish. There are fees that the borrower is NOT allowed to choose the provider that the lender does not have control over. Do we simply over disclose on every borrower by hundreds of dollars on the small chance that one of those scenarios apply? How is that clarifying or simplifying this process for the borrowers. Folly.

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