The proposed RESPA rules allow for unforeseen circumstances. This would include additional work on an abstract.
The third party provider section of the GFE includes two sections - one which is subject to a 10% tolerance and one which has no tolerance limitations.
The first section is for providers that are required by the loan originator OR the loan originator has given the name of the provider to the consumer. In these cases, the loan originator has an obligation to give and accurate quote because presumably they are familiar with the pricing of the provider.
If the loan originator opts to not give the consumer a name of a provider, they can place those quotes in the second section and the quotes have no tolerance limitation. In this case, the consumer is advised to shop for the services on their own.
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