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Lender's 10% tolerance cure

Hi all,

I just did a purchase loan. I got a "Lender's 10% tolerance cure", which is about $1300. My question is:
Is this a credit from my loan agent?
My loan agent told me that is the credit she gave me.

Well, I doubt it. If it's a credit from my agent. Why doesn't it call "Credit from loan agent"?

Anyone know?

Thanks,
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August 07 2010 - US
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Answers (5)

Profile picture for MICHAELHIRN6647
sorry that is 1.1% of the GFE minus the hud amount, its a shortcut, rather than calculating 10% getting that balance and than subtracting it out again . its what we are doing ..  
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January 08
It will be broken down on the third page of the HUD.  You will see the items that fall under the 10% tolerance, how much was disclosed on the GFE, and how much the actual cost is.  The difference is calculated right there.  The amount over 10% is supposed to be given as a cure.
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January 08
Profile picture for MICHAELHIRN6647
so you would 101% times the GFE amount minus the hud amount listed on page 3 and that would be your dollar amount you would place in the 200 box as tolerance cure
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January 08
Profile picture for baiyuhua2001
Hi Justin,

Do you have any idea where mistake might come from? I mean which of the following numbers from #801-803 is possible estimated wrong in GFE.


Thanks
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August 07 2010
this means the loan officer charged you more than what was disclosed in the GFE 2010. Therefore they have to refund you the differance to sale the loan on the secoundary loan market or to investor portfolio. I can bet this was no "credit",  it is federal law!
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August 07 2010
 
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