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Josh and Josie are approved for a mortgage of $390,000. After seeing their appraisal report, you have determined that the LTV is 90%. When you look at the lenders product sheet, their policy is strict about property tax administration by the lender, when LTV are > 80%. clients would prefer to manage the payments themselves, and provide proof to the lender periodically, as needed. Needed you are reviewing the commitment letter today, and notice that the payment details do not include the tax portion. They are On their way into your office. How would you handle this situation?

a. Contact the BDM and request an exception to be approved, and explained that the clients are on their way into your office

b. contact the principle broker and confirmed that there is an error on the commitment letter regarding the payment details, but don't explain why, as this was your error.

c. Contact the lender immediately, and advise them that the commitment letter needs to be correct to align to their policy, and only range for client signature after the fix has been addressed.

d. Allow the clients to manage their own property tax payments as the LTV is 90% and there would still be enough room for property tax payments, should mortgage go into default and power of sale occurs

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