COC and Re-Disclosure Quiz

COC and Re-Disclosure Quiz

The credit has expired on an approved loan in process that was not a purchase pass. A new credit report was pulled today to be valid through closing. Do we re-disclose for additional credit report fee?

An appraisal was delivered to the eFolder subject-to repairs that will require the appraiser to visit the property again. The invoice for $525 in the file matches the disclosed fee of $525. A final inspection is needed. Do we re-disclose for final inspection fee?

Closing was delayed and a new credit comparison report is needed as the current expired. Do we re-disclose the additional refresh fee?

Mortgage Insurance Certificate just came back and the underwriter approved the loan. Monthly MI increased from $95 to $101.50. Do we need to re-disclose this change?

Title has arrived on an approved loan and the clients wish to close in a trust. The trust is sent over and approved by legal and the attorney advises on additional recording and prep fees. Do we need to re-disclose these fees?

An appraisal was delivered subject-to completion per specs and plans and the invoice is $525. We disclosed an additional $150 for final inspection within 3 days of receipt of the appraisal but a final inspection has not been completed. The original report has now expired but closing next week so a final/recert combo has been ordered. How much more we do we need to re-disclose?

Closing was delayed and we need to update VOEs for both borrowers. They are both on TheWorkNumber. How much do we re-disclose, per borrower?

A loan is reviewed by underwriting and determined the borrower cannot qualify on their own. We add a non-occupant co-borrower to the file to qualify. What fees should be included on the re-disclosures

You have a cash-out refinance loan in your pipeline and it is for a buyout of an ex-spouse. The prelim CD is delivered and shows increased recording fees to record a new deed. Can we pass this fee along to the client?

The loan officer has asked you to make changes to a Purchase Pass file that include lowering the loan amount and purchase pass. Do we need to re-disclose these?

The loan was locked a single family residence but after review, it is a condo. There was no HOA handling fee disclosed. We ordered a condo questionnaire through Homewise and the total cost was $275. Can we re-disclose?

An appraisal is ordered and the cost is $600 which was disclosed properly on the last loan estimate. The clients want to close earlier and a rush fee of $100 is now applied. You are preparing the loan for resubmittal and notice the extra rush fee on the invoice for $100 to bring the total to $700. The appraisal was delivered 14 days ago. Can you re-disclose this?

A purchase pass loan with an app date of over 120 days has converted and a new credit report is needed. Do we re-disclose for the new credit report we pulled today when it converted?

A re-score is required to improve the clients FICO after application. The rescore fee totals $150 for $100 rescore and $50 rush and we disclosed $170. How much more do we re-disclose for?

A loan with an app date of 03/01/2023 is finally getting ready to close. We disclosed $200 on the last loan estimate/CD for HOA handling fee. The underwriter has asked us to get an updated questionnaire, which is another $200. The initial CD has already been sent - can we re-disclose this now?

Who should be included on non-lock desk COCs for re-disclosure purposes?

The client has requested changes to a loan that is current not locked. They have asked to increase the loan amount. Do we need to re-disclose this?