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#1592421 - 08/16/11 04:33 PM Home Equity
Linda Kelley Offline
Junior Member
Joined: Nov 2005
Posts: 42
Jasper, Texas
Bank is absorbing the cost of apprasial to stay within the 3% limitation. How do we disclose?

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Lending Compliance
#1592432 - 08/16/11 04:49 PM Re: Home Equity Linda Kelley
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,554
Bloomington, IN
The 3% limitation must be a state issue, but you will disclose the appraisal fee in Block 3 and a credit in Block 2 on the GFE and the fee will also have to go on Line 804 of the HUD. Or instead of showing a credit in Block 2 you could show a credit in the 200 series of the HUD.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1592463 - 08/16/11 05:40 PM Re: Home Equity Dan Persfull
Linda Kelley Offline
Junior Member
Joined: Nov 2005
Posts: 42
Jasper, Texas
Thank you, Dan.

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