[17th Miss Regt]

Yet if you mess it up, you can be hit with a $1 million fine per violation.

Are you serious?

[kaehurowing]

Oh sorry, it’s not $1 million per violation, it’s $1 million per violation per day.

The lower fine has to do if there is a typo in your documents (that’s $5,000 per mistake per day).

Intentional is if you do your forms wrong.

http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

http://www.nationalmortgagenews.com/news/origination/five-headaches-facing-lenders-as-mortgage-disclosure-deadline-nears-1052347-1.html
Fear of Fines

Missteps could draw heavy fines, prompting loud concerns among mortgage industry players and a long-shot effort to delay part of the rule.

The CFPB can impose civil money penalties of $5,000 per day per violation for noncompliance, $25,000 per day for reckless violations and $1 million per day for knowing violations.