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It is meant to correct a mistake in the loan documents that the parties had already agreed to, but for one reason or another, the provision was incorrectly entered or did not make its way into the final signed documents.
A Compliance Agreement is a document in a closing loan document package in which a borrower agrees to ?comply? with requests from the lender or closing agent to correct typographical or clerical errors and inadvertent mistakes in the loan documentation after the loan has closed.