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#1372770 - 04/12/10 06:49 PM Property Inspection Waiver
Bville Offline
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Bville
Joined: May 2001
Posts: 1,282
Out West
Where does a Property Inspection Waiver Fee to Fannie Mae go on the GFE? I made a note to myself to put it in Block 1, but I can't find anything to support that decision now. Does Block 3 make more sense since it's the opposite of an appraisal?

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RESPA
#1372781 - 04/12/10 06:59 PM Re: Property Inspection Waiver Bville
Mrs. Rizzo Offline
10K Club
Mrs. Rizzo
Joined: Mar 2006
Posts: 10,392
Curled up by the fire...
We put this in Block 3 because it's a pass through to Fannie.
_________________________
Take responsibility for your life.

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#1372956 - 04/12/10 11:11 PM Re: Property Inspection Waiver Mrs. Rizzo
Bville Offline
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Bville
Joined: May 2001
Posts: 1,282
Out West
It does go to Fannie, but that alone shouldn't mean it belongs in Block 3. It's a cost of getting the loan that doesn't involve any "service."

I'd be interested to hear if others have an opinion.

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#1373016 - 04/13/10 12:53 PM Re: Property Inspection Waiver Bville
terpsfan Offline
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Joined: Feb 2007
Posts: 1,973
Would this be treated the same as a escrow waiver fee?

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#1373115 - 04/13/10 01:45 PM Re: Property Inspection Waiver terpsfan
RolTyde Offline
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Joined: Nov 2008
Posts: 78
Anywhere but here
We treated the waiver fee as a changed circumstance since we didn't run DO until after the GFE was prepared. We gave the borrower the choice to have an appraisal or execute the waiver. They of course chose the waiver. On the changed circumstance, we removed the appraisal fee and added the appriasal waiver fee in block 3. Now that I'm thinking about it again, we might should have changed our origination to reflect the waiver fee. Our investor was okay with the way we handled it though.

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