A lender permits Sophia to shop for title services and gives her a written provider list. Instead, Sophia hires a different title company that is not on the list. At closing, the title charge is much higher than the estimate. How is that increase generally treated under TRID if no other issue exists?
Correct Answer
D) It may change without limit because Sophia chose a provider not on the written list
When the consumer chooses a provider outside the lender's written list for a shoppable required service, that fee generally falls into the category that may change without limit. The idea is that the lender did not control the final provider selected by the consumer.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
Foreclosure is the legal process by which a lender takes possession of a property when a borrower fails to make mortgage payments. It allows the lender to sell the property to recover the outstanding debt.
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