Thread Options
#1539771 - 04/22/11 06:52 PM Block 5
Patricia Offline
Gold Star
Joined: Mar 2011
Posts: 327
Kansas
Owners title insurance listed on GFE in Block 5. Seller paid so listed in Seller column on HUD-1.

On page 3 would you list the OTI in the GFE column and the HUD-1 column?

Return to Top
RESPA
#1539797 - 04/22/11 07:10 PM Re: Block 5 Patricia
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,416
Bloomington, IN
Yes. If the service is subject to the tolerance and is out of tolerance the cure goes to the borrower regardless who paid for the service, and that's even if the bank paid for it.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1539798 - 04/22/11 07:10 PM Re: Block 5 Patricia
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
OTI on HUD should go in borrower's column then credited by seller in 200's.

List on both sides in comparison.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
#1540851 - 04/26/11 04:06 PM Re: Block 5 RR Joker
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Suzy is right. Since it was listed on the GFE, it must be listed in the borrower's column of the HUD-1. Then give credit in 200/500's.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#1542950 - 04/28/11 07:06 PM Re: Block 5 David Dickinson
sixspeed Offline
New Poster
Joined: Oct 2007
Posts: 16
Chicago Area
If the customer did not purchase owners title insurance, when preparing the HUD would page 2 - line 1103 and page 3- comparison of charges both not list or state owners title insurance as well as the fee listed on the GFE?

Would it be the same for both if we select or the applicant selects the service provider?
thanks for your help-

Return to Top
#1543004 - 04/28/11 07:47 PM Re: Block 5 sixspeed
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
It doesn't matter who selected the provider - if the service is not purchased, then nothing would be listed on page 2 of the HUD-1. Also, you would you list OTI in the comparison chart on page 3 (in the GFE or HUD-1 columns). Refer to the July 2010 RESPA Roundup about fees listed on the GFE that are not charged.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#1545120 - 05/03/11 11:41 PM Re: Block 5 David Dickinson
theloanbug Offline
Platinum Poster
Joined: Sep 2005
Posts: 691
When you state give them a credit in the 200/500 series, does the buyer walk out of the closing actually with the check. Lets say we charge $200.00 for OTI and the seller actually paid this so the buyer would get a $200.00 credit. So if sells price was $18,000.00 and that is what the borrower borrowed then the seller would get $17800.00 and the buyer would get the $200.00, since this is what the HUD will state at the bottom. I'm I looking at this correctly.


Thanks

Return to Top
#1545150 - 05/04/11 10:10 AM Re: Block 5 theloanbug
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
Yes.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  QCL