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I’m reviewing a loan where we properly disclosed everything as we knew it at closing on the HUD, that is to say the HUD fairly and accurately represents the costs the borrower paid on their refinance transaction.
On the day the loan was out of rescission the loan officer double checked the pay-off and discovered that it was off due to a holiday miscalculation. Since it was our error the loan officer expensed the additional interest for the payoff from a GL account and cut an additional check to send in along with the proceeds check that was referenced by the HUD.
Is the HUD wrong? I can make an argument both ways, and I’ve confused myself so I’d like additional perspective.
Thank you.
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