CFPB TRID Sec. 7 - What if the creditor estimates a charge for a service that is not actually performed?

Compliance > Regulation Z - TILA / TRID Specific > Loan Estimates
Q:  What if the creditor estimates a charge for a service that is not actually performed?
 
A:  The creditor should compare the sum of the charges actually paid by or imposed on the consumer with the sum of the estimated charges on the Loan Estimate that are actually performed. If a service is not performed, the estimate for that charge should be removed from the total amount of estimated charges. (Comment 19(e)(3)(ii)-5)
 
 
This Loan Estimate / LE information can be found in the CFPB's TILA-RESPA Integrated Disclosure rule compliance guide - http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
 

Add Feedback