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#2003696 - 03/24/15 06:45 PM Seller charging a carrying fee, how to redisclose?
RFitzpatrick Offline
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RFitzpatrick
Joined: Apr 2002
Posts: 424
Pacific NW
Seller is extending the settlement but will be charging the borrower a daily carrying fee until closing. The realtor's will also be paying this as a credit back to the borrower.

We're really not sure how/where to redisclose this on the GFE & HUD. Our investor can't/won't help and the amount will be over $1,000 so we don't want to end up having to eat this later. Any ideas?
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RESPA
#2003701 - 03/24/15 06:54 PM Re: Seller charging a carrying fee, how to redisclose? RFitzpatrick
#Just Jay Offline
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#Just Jay
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
It is not a cost to be disclosed on the GFE as it had nothing to do with obtaining the loan, but the home.

I imagine all will be detailed and balanced out in the 200 series on the HUD.
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#2003705 - 03/24/15 06:56 PM Re: Seller charging a carrying fee, how to redisclose? RFitzpatrick
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,355
In today's RESPA, I'd be inclined to say this is a cost of getting the home, not getting the loan so it doesn't go on the GFE.

As for the HUD, I'd put it on lines 105 and 405.
Then I'd reduce the amount being paid to the realtor on 704 and give the borrower the credit on 204.

of course this all changes as of 8/1/15 RESPA rules.... eek

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