The loan closed w/o the TIL … complete accident…. ugh… le sigh.
When we are refunding the PPFC’s to the customer. Would it be a good idea to run a TIL both ways for them? One showing it w/ the PPFC’s and one without?
I’m under the impression that if you don’t disclose you refund the customer the amount that they would have paid. What happens if the TIL isn’t absolutely accurate (isn’t exactly your stated rate) after the PPFC’s come out? Are we using the Finance Charge tolerance or the APR tolerance?
There is not a requirement that I’m aware of where you could have to give multiple TILs. If you do, be sure that there is some kind of clear distinction as to which one is the final (aka accurate one). After all we don’t want to be Deceptive. 😀
I would just disclose to them the final TIL and document the file what occurred and denote that you covered this with the borrower(s). If we were talking about HUD’s then yes, you would have to give one showing the violation (tolerance), and then another HUD showing in tolerance.
As far as reimbursements go; I would recommend using the OCC’s APRWIN program.
Since the loan closed without the TIL document you are going to have a violation no matter what you do. All you can do now is to try to make this as right as you can.