If charges subject to the 10% cumulative tolerance exceed the threshold, when must the creditor cure the tolerance violation?
Correct Answer
C) Within 60 days of consummation
Under TRID (12 CFR 1026.19(f)(2)(v)), if charges subject to tolerance limitations exceed the permitted amounts, the creditor must cure the tolerance violation by refunding the excess amount within 60 days of consummation.
Why This Is the Correct Answer
Under TRID (12 CFR 1026.19(f)(2)(v)), if charges subject to tolerance limitations exceed the permitted amounts, the creditor must cure the tolerance violation by refunding the excess amount within 60 days of consummation.
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