A borrower receives a Loan Estimate with an origination fee of $1,500. At closing, the origination fee on the Closing Disclosure is $1,800. Under TRID tolerance rules, what is the lender's obligation?
Correct Answer
D) The lender must refund the $300 difference because origination fees are in the zero-tolerance category and cannot increase
Origination fees (fees paid to the lender) are in the zero-tolerance category under TRID. They cannot increase from the Loan Estimate to the Closing Disclosure. The lender must absorb the $300 excess or refund it to the borrower.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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