Scenerio:
Sales Price $90,000.00
All Closing Costs $2,328.58 (paid in cash)
Loan Amount $90,000.00

Total Closing Costs (J) on LE says $2,328.58
Closing Costs Financed ($2,328.58)
Down Payment/Funds from Borrower 0.00
Estimated Cash to Close 0.00

Since the customer is paying their fees, the Estimated Cash to Close is 0.00. Isn't that correct? The Estimated Cash to Close is calculated as the sum of the seven amounts in the Estimated Cash to Close Table. The Closing Costs Financed are subtracted out of the total since they are paid for. Everyone is wanting the Estimated Cash to Close to say $2,328.58 but I dont think it will. Am I going nuts? They added into adjustments, but I explained that the down payment should not go there.. Only certain items like gifts from family members or credits from a delevoper or home builder, etc.

All Closing Costs $2,328.58 (paid in cash)

When??

Estimated Cash to close ought to be $2,328.58. Closing costs financed should be $0...they are not being paid out of the loan proceeds.

Paid at closing, not paid outside of closing.

RR is correct. If they are paying these at closing, how can cash to close be $0?

It's just so frustrating, no matter how you want the LE or CD to turn out, it never turns out the way you want it to.

I have no idea. It's how its feeding from the system I guess. What it is doing is adding the Closing Costs and since it has the closing costs financed in parenthesis, it is subtracting it right out of there again. So it totals on the bottom as 0.00

but when I am looking at the Closing Costs FInanced section on page 42 of the CFPB guide to completing the LE and CD, it doesnt mention anything about parenthesis, only either disclose closing costs financed as a negative number or 0.00. This is the first I have seen with a prenthesis.

It seems that your system is showing the parenthesis because your loan has no excess funds to cover the closing costs. Mathematically, parenthesis are a negative number. Your cash to close is the $2,328.58, because they have to bring that money to closing.

If there were excess funds from the loan over the payments going to third parties not in closing costs, it would show the closing costs as financed (assuming the excess loan funds were $2,328.58 or more).

Closing costs financed should be $0 - not sure why your LOS is showing otherwise. You need to contact them.

BANKERLADY, there is a slight possibility that your LOS is picking up a total from another section and anticipating a down payment in which to subtract the closing costs PIC from. Check for this issue. Some of the software programs made some erroneous assumptions and this is one of them. Yours may fall in to that same oops!

It might be the way the data is entered. I haven't heard of this happening in C1 (nor have I seen it on any LEs I have reviewed). I am not getting a good understanding of how the data has been entered from the description.

Kathleen...that may possibly be because a select FEW of us C-1 users actually tested and isolated problems before the reg went into affect

Ahhhhhhh figured it out! The Amount to third parties was not filled out with the 90,000.00 in there, so therefore the amount didnt calculate correctly. It now shows the closing costs financed as 0.00 and cash to close as the $2,329.00 (2,328.58 rounded)

Thanks for the help you guys!