What is the GFE tolerance cure? It is a term that is often met with confusion from those who lack familiarity with the real estate industry as a whole. There are some novice entrepreneurs in real estate and the title industry who may not yet have come across this concept in their line of work, yet it is crucial that they are familiarized with it.
The GFE tolerance cure is an incredibly important federal policy that one needs to have a full understanding of when working from within this field. This is how the government looks to protect its consumer population. The fact of the matter is that the tolerance cure inherently circumvents the possibility of a borrower paying back more than what is owed on any closing costs on a deal.
In other words, the GFE tolerance cure actually improves the overall customer experience for borrowers by protecting them from the possibility of being dealt any surplus charges by their lenders. While this serves as a grossly simplified explanation for what the policy actually entails from a legal standpoint, having a full understanding of how the tolerance cure works makes it an asset for title industry professionals.
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