Variance, the New Tolerance on Integrated Mortgage Disclosures
February 19, 2015
Similar to existing law, the CFPB’s final rule for integrated mortgage disclosures restricts the circumstances in which consumers can be required to pay more for settlement services than the amount stated on the Loan Estimate. The CFPB has moved away from the term “tolerance” and now uses “variance.” Find out out if owner’s title insurance not required by the creditor is subject to the 10 percent cumulative variance.
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