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#1740827 - 09/14/12 02:21 AM Insurance Monitoring Fee
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
The Bank charges an "Insurance Monitoring" fee (which equates to $1 per month for each month during the term of the loan) to reimburse the bank the costs for hazard and flood insurance tracking.

Which box of the GFE does this belong? Box 1?

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#1740881 - 09/14/12 01:41 PM Re: Insurance Monitoring Fee Many Hats
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
bump

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#1740890 - 09/14/12 01:55 PM Re: Insurance Monitoring Fee Many Hats
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,215
Galveston, TX
If you are doing it yourself - block 1. If a vendor - block 3. It will also be a finance charge.
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#1740985 - 09/14/12 04:03 PM Re: Insurance Monitoring Fee Many Hats
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
Okay....so then it would not need to be itemized on the HUD....just part of the origination charge, right?

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#1740990 - 09/14/12 04:12 PM Re: Insurance Monitoring Fee Many Hats
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,215
Galveston, TX
Correct.
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