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#2086961 - 07/07/16 01:59 PM refi-interest question
mdog76 Offline
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We are paying off a loan at our bank with another loan with purpose being a refi. We are also making the customer pay interest due from paid off loan upfront. Do we show this interest payment on the LE, and if so in what box should it go? We are showing the charge currently on the CD.

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TRID - TILA/RESPA Integrated Disclosures Rule
#2087125 - 07/08/16 12:28 PM Re: refi-interest question mdog76
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,247
Galveston, TX
Which form are you using? It would just be in the payments and payoffs table on the alternate form.
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#2088752 - 07/19/16 03:27 PM Re: refi-interest question mdog76
mdog76 Offline
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Posts: 645
bringing this topic back up. When we list the accrued interest under the payments and payoffs table, its deducting the amount from Cash to Close to the borrower. He is actually paying the interest separate in cash so the amount he is getting back is off the amount of the accrued interest. Is this ok for the LE or do we have a problem?

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#2088760 - 07/19/16 03:49 PM Re: refi-interest question mdog76
RR Joker Offline
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RR Joker
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The Swamp
Yes, it's okay. His 'net effect' is being considered, much like an amount financed calculation.
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