RESPA: Disclosing POC Costs On The Hud-1
Answer by David Dickinson, BOL Guru Guru Bios
Question: On a RESPA covered transaction, the lender agrees to accept a survey previously obtained by the seller. How exactly is that disclosed on the HUD-1 [survey, name of survey company, POC?] Is the dollar amount the seller paid for the survey required to be on the HUD-1 and what if the seller cannot remember how much he paid for the survey? Must the lender insist the seller provide proof the actual cost?
Answer: All fees associated with the loan should be shown on the HUD-1, including the survey you mention. The HUD-1 should list the survey on line 1301, listing the name of the survey company, the dollar amount and (POC). Nothing should be listed in the borrower's or seller's columns. You could contact the surveyor to find out how much the seller paid for the survey.
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