The section in question deals with the application of tolerances to property insurance premiums and taxes, homeowner’s association dues, and condo and co-op fees.
The original CFPB addendum, p. 79829 of Volume 78 of the Federal Register reads “property insurance premiums, property taxes, homeowner’s association dues, condominium fees, and cooperative fees” are “subject to tolerances,” while the preceding sentence says the opposite: “Property insurance premiums are included in the category of settlement charges not subject to a tolerance, whether or not the insurance provider is a lender affiliate.” Not subject to a tolerance is the correct information.
Moreover, a similar correction has been made to another section on p. 79829. It is being revised from “are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account” to read “are not subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account.”
The changes take effect when they are published in the Federal Register Wed., Feb. 10. ##
(Image credit: Steve Rhodes/getoutofdebt.org)
