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#1911056 - 04/02/14 08:50 PM Waiving lender fees
MN Banker Offline
Platinum Poster
Joined: Aug 2006
Posts: 980
I'm going back to 2009/2010 with this question!

I know somewhere it is or used to be written that we have to disclose all lender fees (underwriting, processing, etc) in block 1 even if we are waiving them, and in that case we would show a credit in block 2 for the amount being waived.

I've looked and cannot find it anywhere. Does anyone happen to know where this is stated? Thanks!

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#1911068 - 04/02/14 09:05 PM Re: Waiving lender fees MN Banker
rlcarey Offline
10K Club
Joined: Jul 2001
Posts: 80,325
Galveston, TX
Does anyone happen to know where this is stated?

It is not stated anywhere. Why would you need to disclose a fee that you are not charging?

This is totally different than the bank paying for an actual third party fee.
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#1911126 - 04/03/14 01:08 PM Re: Waiving lender fees MN Banker
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
I agree. If we don't charge a loan fee, for instance, on the short-term phase of a 2-close, we simply do not disclose it because it just does not exist.
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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