[HMDA Guy 78]

I reviewed a loan file today in which the HUD-1 showsbox 1001 as $590.32 for the initial deposit for escrow. However, the Initial Escrow disclosure statement prepared by the closing attorney shows $586.53 (a difference of $3.79). We utilized the dollar amounts for county & city taxes that he provided to us when we ran our escrow calculator to come up with the $590.32 for our HUD statement. I am unsure on how the closing attorney came up with an amount off by that much. Normally if we are a few cents off, I attribute it to rounding, but this is off by $3.79.

The loan has closed, and this discrepancy was not caught until post-closing review.

Is this a violation of RESPA?
Do we need to have either of the above two mentioned documents re-printed and re-signed by the borrower?

Thanks for your help! I have been unsuccessful at finding any helpful information on this subject thus far.

Topic

[jholzknecht]

Obviously the amount of the initial deposit should be consistent from document to document. You need to determine why the differences exists. I agree that the difference appears to be attributed to something other than rounding. I suspect an entry error. Your big concern concern is consistency from the GFE to the HUD-1, but the amount of the initial deposit is allowed to change. I don’t see any need to reprint, and since neither document requires a signature, there is no need to resign.

[Author]

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