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 2 months ago
Ted Rood
1237 6

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