Loan audited after closing (I owe money?)

[Ed S.]

I just received a letter almost 7 months after closing from the title company (national lending service). They are saying that during a recent audit they found that there was a clerical error and that there was a shortage of $488 in the funds necessary for recording and title fees. Is this a somewhat common occurrence? It says pursuant to the clerical error section of the Compliance agreement that I signed in my closing package they are requesting reimbursement. What's their's is their's and I will pay but it seems like they should eat it. They have employees or a team of employees that verify this stuff and this fee would have been financed. I'm waiting on a phone call to hear the details.

[Wayne Brooks]

I doubt those fees would have been financed, but it really doesn't matter....if those are fees you were liable for, then they're still yours to pay.

[Charlie Fitzgerald]

Make sure yiu have them indicate in those closing documents you signed where it specifically says they have x amount of time for post close audit and recovery.  7 months seems a little on the long side.  Just a thought.

[Ed S.]

Thanks for the feedback!