Skip to content
GeoDataVision
Thread Options
#1799630 - 03/29/13 03:19 PM Real Estate Insurance Tracking
cle Offline
100 Club
Joined: Jan 2004
Posts: 161
The bank is considering having a vendor track insurance for first mortgage loans. There will be a fee charged for each loan. I know it will be considered a finance charge. Where should it be disclosed on the GFE?

Return to Top
Lending Compliance
#1799632 - 03/29/13 03:23 PM Re: Real Estate Insurance Tracking cle
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
I think it would be include in your origination charge in block 1.
Last edited by ahkcompliance; 03/29/13 03:26 PM.
Return to Top
#1799634 - 03/29/13 03:28 PM Re: Real Estate Insurance Tracking cle
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
Is the fee paid directly to you or to the vendor?

Doesn't matter. It goes in Block 3 of the GFE and the 800 series of the HUD with the name of the vendor as the payee.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1799647 - 03/29/13 03:38 PM Re: Real Estate Insurance Tracking cle
cle Offline
100 Club
Joined: Jan 2004
Posts: 161
So, the fee would be similar to the tax service fee which is disclosed in Block 3, correct?

Return to Top
#1799648 - 03/29/13 03:39 PM Re: Real Estate Insurance Tracking cle
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,844
Bloomington, IN
Yes.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1799659 - 03/29/13 03:46 PM Re: Real Estate Insurance Tracking cle
cle Offline
100 Club
Joined: Jan 2004
Posts: 161
Thanks, Dan

Return to Top

Moderator:  Andy_Z