RESPA Roundup-Payments by Lenders to Borrowers for Tolerance Violations in Wholesale

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Payments by Lenders to Borrowers for Tolerance Violations in Wholesale Transactions
 
RESPA regulations impose tolerance levels on charges disclosed on the GFE.  Where actual charges to the borrower exceed these thresholds, mortgage brokers and lenders may cure to avoid a tolerance violation.

The Department urges timely and effective communication among the lender, its loan officers, and mortgage brokers to establish policies and procedures to ensure accurate calculation of compensation and credits in compliance with RESPA, as well as under the FRB compensation rule and any other applicable federal or state statute.
 

This can be found in that March 2011 RESPA Roundup, found here:  http://www.hud.gov/offices/hsg/rmra/res/mlocomplrodup31811v2.pdf

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