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Good Magic, Becky Landis, South Central Bank Inc., Group 3

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Thank you for your prompt reply.

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Practical Joke, Becky Landis, South Central Bank, Group 3

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We determined that the software does not actually itemize the taxes the LE and is just wanting it itemized for comparison purposes. In this case, we failed to itemize on the LE in the software. We didn’t realize it until after the CD was generated. The software does not permit us to make changes on the LE once a CD has been produced. Our failure to itemize on the LE resulted in the software identifying a cure tolerance.

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To clarify, if the bank paid the attorney directly for the title work instead of through the title company, then the amount would not be subject to the zero tolerance category since it’s not paid to an affiliate.

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I’m a little confused by the last sentence of the excerpt from pg. 350 of the preamble above that says “if a lender requires a consumer to use an affiliated company for title services”. We do not require the use of our title company (didn’t think we were allowed to). Title services can be shopped for and we list our title company on our Service Provider List. I’m guessing that it still ends up in the zero tolerance category. If the bank started paying for title work instead of the title company, then it would not be subject to the zero tolerance category. Correct?

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International Star, Becky Landis, South Central Bank, Group 3

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