Thread Options
#1780960 - 01/29/13 09:24 PM Credit Report Fee on GFE & HUD
SouthoftheBorder Offline
Gold Star
Joined: Feb 2002
Posts: 335
The South
I know that we are required to note the BANK PAID fee of $7.57 for a credit report on the GFE and HUD. Figuring out how to do that on ARTA has been a challenge.

One GFE did not contain the $7.57 fee that is paid by the bank and I think that does not constitute a 'changed circumstance' that requires a new GFE. Is anyone in my corner?

Return to Top
#1780981 - 01/29/13 09:50 PM Re: Credit Report Fee on GFE & HUD SouthoftheBorder
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,707
Bloomington, IN
Failure to disclose a known fee is not grounds for a changed circumstance.

In the comparison chart on page 3 of the HUD $0 will go in the GFE column for the credit report fee and $7.57 will go in the HUD column. If the $7.57 together with other overages exceed the 10% tolerance then you will have to cure.
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1781037 - 01/29/13 11:05 PM Re: Credit Report Fee on GFE & HUD SouthoftheBorder
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,341
I'm betting Arta will properly prepare your docs if you stop trying to mark the credit report as Bank Paid on the GFE.
The GFE doesn't take into account who pays for what.
It's only suppossed to list the costs of getting the loan...period.
The HUD is where you give credits for items the bank or seller or any other third party pays.

Return to Top
#1781819 - 01/31/13 08:01 PM Re: Credit Report Fee on GFE & HUD SouthoftheBorder
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
Our system (Compliance One) you actually CAN go ahead and mark it lender paid and POC, but it will still enter it properly on the GFE.
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top

Moderator:  QCL