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#2044904 - 10/19/15 06:13 PM Purchase LE with Seller Credits
KMG365 Offline
Member
Joined: Jan 2014
Posts: 83
We have ran across a situation that I need some help with. We have a purchase transaction in which all of the closing costs are financed. So the Calculating Cash to Close looks like this...

Total Closing Costs $3,848
Closing Costs Financed -$3,848

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TRID - TILA/RESPA Integrated Disclosures Rule
#2044906 - 10/19/15 06:17 PM Re: Purchase LE with Seller Credits KMG365
KMG365 Offline
Member
Joined: Jan 2014
Posts: 83
Sorry I hit submit by accident...

Total Closing Costs $3,848
Closing Costs Financed -$3,848
Down Payment/Funds From Borrower $0
Deposit $0
Funds For Borrower $0
Seller Credits -$343
Adjustment and other credits $0
Estimated Cash to Close -$343

It looks like to me that the purchase disclosures do not have the option to mark "to Borrower". So in this case would the Estimated cash to close be disclosed as a negative???

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#2044918 - 10/19/15 06:32 PM Re: Purchase LE with Seller Credits KMG365
TomTom Offline
Member
Joined: May 2014
Posts: 61
It appears that there can be a negative number in that line item.

Estimated Cash to Close
Estimated Cash to Close is calculated as the sum of the seven other amounts disclosed in the Estimated Cash to Close table. (§ 1026.37(h)(1)(viii))


Interpretation to 37(h)(1)(viii)
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37(h)(1)(viii) Estimated cash to close.

1.Result of cash to close calculation.The sum of the amounts disclosed pursuant to § 1026.37(h)(1)(i) through (vii) is disclosed under § 1026.37(h)(1)(viii) as either a positive number, a negative number, or zero. A positive number indicates the amount that the consumer will pay at consummation. A negative number indicates the amount that the consumer will receive at consummation. A result of zero indicates that the consumer will neither pay nor receive any amount at consummation.

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