Can a MLO be charged for GFE errors?

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Can a MLO be charged for GFE errors?


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LO’s cannot be paid based on the profits (or losses) on their loans, only on loan volume. Do not believe they can be charged based on a GFE error, although repeated or grievous errors could potentially lead to a job loss. Most lenders have compliance and disclosure departments who essentially overlook GFEs to avoid errors. Those who don’t certainly risk “costs to cure” when errors do arise.

Answered 11 months ago
Ted Rood
1411 1 7

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