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#2089640 - 07/25/16 02:25 PM Down payment on LE
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
We have a customer who is taking out a loan with another FI for the down payment. Here is what our Calculating Cash to Close section on the LE is looking like. Is this correct? I am unsure about how the $45,000 is disclosed twice.

Total Closing Costs (J) $3,040.00
Closing Cost Financed (Paid from your loan amount) $0.00
Down Payment/Funds from Borrower $45,000.00
Deposit -$500.00
Funds for Borrower $0.00
Seller Credits $0.00
Adjustments and Other Credits -$45,000.00
Estimated Cash to Close $2,540.00

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TRID - TILA/RESPA Integrated Disclosures Rule
#2089645 - 07/25/16 02:32 PM Re: Down payment on LE Amandak
burke116 Offline
Platinum Poster
Joined: Jun 2014
Posts: 546
RVA
This looks right to me. Down Payment/Funds from Borrower is simply the difference between the purchase price and the principal amount of the loan, while the adjustments and other credits discloses subordinate financing as a negative number.

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#2089650 - 07/25/16 02:39 PM Re: Down payment on LE Amandak
Amandak Offline
Member
Joined: Jul 2013
Posts: 80
Wisconsin
Thanks,

I need to clarify that the $45,000 will be a single pay "bridge loan" from our FI. Does this change your answer?

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#2089671 - 07/25/16 03:30 PM Re: Down payment on LE Amandak
burke116 Offline
Platinum Poster
Joined: Jun 2014
Posts: 546
RVA
That would not change my opinion.

5. Proceeds from subordinate financing or other source. Funds that are provided to the consumer from the proceeds of subordinate financing, local or State housing assistance grants, or other similar sources are included in the amount disclosed under ยง 1026.37(h)(1)(vii).

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