RESPA: Fixing Early Disclosures

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Question:

Is there a length of time after a loan is closed that RESPA does not require you to fix early disclosures? (I have a loan that is 3 years old early disclosures were done improperly under RESPA do I have to fix the disclosures?)

Answer:

Information errors (GFEs, HUD1, parts of the TIL disclosure) cannot be fixed. They are required to be provided at or by a specific time. Once this time has elapsed, you cannot fix the error as you cannot back up the clock. Computation errors (APR, Finance Charge, loan payments, etc.) can always be fixed. I would suggest that you train on the errors that you describe, but you can't fix them now.

First published on BankersOnline.com 3/3/03