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#2041875 - 10/01/15 03:44 PM Release Fees
JobSecurity Offline
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Joined: Oct 2009
Posts: 604
We collect our release fees at closing and hold the fees until the mortgage is released. Do we show those under Section E even though the fees are being paid to and held by the bank? I could not find anything in the reg that addressed this.


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TRID - TILA/RESPA Integrated Disclosures Rule
#2042394 - 10/05/15 12:58 AM Re: Release Fees JobSecurity
rlcarey Online
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Joined: Jul 2001
Posts: 83,035
Galveston, TX
So, you have an account that holds these fees for 15 to 30 years which you reconcile back to all outstanding loans on a monthly basis waiting for the loans to pay-off?? How do you know what the fee is going to be 10 years from now???
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#2042400 - 10/05/15 12:58 PM Re: Release Fees JobSecurity
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,654
The Swamp
To add to Randy's all important will not find it addressed in the regs because it is a future fee...not a present fee.

We are not about to do the accounting requirements required for a fee like this, so when it applies, it is included as part of our loan fee.
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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