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#1421913 - 07/30/10 09:45 AM NY Mtg Tax Help Needed!
OldSchoolBanker Offline
Platinum Poster
Joined: May 2005
Posts: 662
I posted this in RESPA but did not get a reply. Can someone please help??

We are doing a loan in NY state and need some guidance on how to properly display the lender paid 0.25% mortgage tax (required by the state of NY).

here are the facts:
We have a 0.25% orignation charge for block 1
The borrower paid mortgage tax is 0.75% which we show in
Block 8.
NY State requires the lender to pay a 0.25% mortgage tax.

Do I show the this lender paid tax in Block 2 line 2 since it is bank paid? Would I also shown the 0.25% in Block 8 (for a total of 1.0%)as it is a real Mtg Tax?

Hoping for someone experienced with NY State GFE's can help!
Old School Banker

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#1659192 - 02/01/12 06:21 PM Re: NY Mtg Tax Help Needed! OldSchoolBanker
K9Zeus Offline
New Poster
Joined: Oct 2011
Posts: 15
The bank paid portion of the mortgage tax does not appear on the GFE at all.

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#1687827 - 04/11/12 03:31 PM Re: NY Mtg Tax Help Needed! OldSchoolBanker
komply Offline
Gold Star
Joined: Apr 2008
Posts: 475
If the lender pays all the tax, where and how is that shown on the HUD 1 (This would be for a HE)

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#1705284 - 05/31/12 06:35 PM Re: NY Mtg Tax Help Needed! OldSchoolBanker
TB 12 Offline
Power Poster
TB 12
Joined: Feb 2005
Posts: 6,559
It shows in the 1200's as a POC by the bank/lender.
Best QB Ever. Worst Defense Ever.

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