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.
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.