Under the old rules, if the estimated fees up front from the lender were $2,000 but the total on the settlement sheet came to $3,000, the homebuyer would have to come up with the difference. That was a huge pain … and it was abusive.
But starting January 1, the lender or broker will be subject to what are known as “tolerance” limits for certain types of fees. Any charges over the limits will have to be eaten by the lender or broker.
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