Escrow & Title
In Montana, a 'closing disclosure' reflects the final, actual costs of a transaction. If the actual costs vary significantly from the Loan Estimate provided at application, the lender may need to:
AAbsorb the difference at no cost to the borrower
BIssue a revised Loan Estimate within 3 business days of the triggering change, or provide a cure for out-of-tolerance changes✓ Correct
CCancel the loan and restart the application process
DAsk the borrower to sign a waiver of accuracy
Explanation
Under TRID, if circumstances change that affect the Loan Estimate figures, the lender must issue a revised Loan Estimate within 3 business days. If actual charges on the Closing Disclosure exceed tolerance limits compared to the Loan Estimate, the lender must cure (refund) the excess.
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