Had a situation arise and I just wanted to verify I'm handling it correctly. We closed a purchase where we also took their current primary residence as collateral, so the loan was subject to rescission. It closed on 10/16 and is funding today, 10/20. In these types of transactions, they don't sign everything at the title company for the actual transfer until the disbursement date. The title company contacted us just now to advise that they need to remove the $299 Realtor Fee from the buyer's side. We've obviously already issued our Final CD and closed all of our loan documents with the borrower and sent our wire to the title company.
Would the correct way to handle this be to issue a post-closing CD dated today showing the fee removed, which would then change the "Cash to Close" on the CD from $0 to $299 due to borrower, with the title company then responsible for issuing the $299 cash to the buyer as the settlement agent?
(iii) Changes due to events occurring after consummation. If during the 30-day period following consummation, an event in connection with the settlement of the transaction occurs that causes the disclosures required under paragraph (f)(1)(i) of this section to become inaccurate, and such inaccuracy results in a change to an amount actually paid by the consumer from that amount disclosed under paragraph (f)(1)(i) of this section, the creditor shall deliver or place in the mail corrected disclosures not later than 30 days after receiving information sufficient to establish that such event has occurred.
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