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RESPA- Conditions for Re-Disclosure

Answered by: 
Dan Persfull

Question: 
I need to clear up a RESPA issue. I'm under the impression that it's OK to re-disclose if the transfer tax was not disclosed or the wrong amount was on the initial GFE. Can it be re-disclosed as long as any changes in the zero tolerance section blocks 1, 2, and 8 last GFE match the HUD-1? Where can I find it in the regulations?
Answer: 

Failing to disclose or disclosing the incorrect amount for any fee is not a changed circumstance and does not allow you to issue a revised GFE to correct your disclosure error. You will have to cure the tolerance violation.

Go to 3500.2 and look up the definition of a changed circumstance. You will also find additional guidance by reviewing the FAQs.

First published on BankersOnline.com 6/27/11

First published on 06/27/2011

Filed under: 
Compliance
Filed under compliance as: 
IT
RESPA

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