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#1644640 - 12/30/11 02:41 PM Correspondent Lender-Tax Service Fee on HUD-1
Ishmael Offline
100 Club
Joined: Feb 2011
Posts: 232
Minor point, but it's thrown me so far.

We work with several correspondent lenders, some of whom we table-fund, some of whom fund via warehouse line. Note, etc. is all in their name, and we acquire loan shortly after settlement.

Tax service fee on HUD-1 is payable to us, not to correspondent lender. Problem? Any difference between table-funding and warehouse-using correspondents as far as how this is disclosed?

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#1644997 - 12/30/11 08:39 PM Re: Correspondent Lender-Tax Service Fee on HUD-1 Ishmael
RulesFollower Offline
100 Club
Joined: Oct 2011
Posts: 185
We close loans in our name and then sell to secondary market lender. The HUD-1 shows our bank name FBO (for the benefit of)the secondary market lender and we don't have any problems.

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