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#2113865 - 01/11/17 12:44 PM Paid By Others on CD
Luv2run Online
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Registered: 01/29/15
Posts: 229
Is the column "Paid by Others" limited to parties directly involved in the transaction, ie Lender or Seller.

We have a situation where a third party is paying a portion of the Title charges for the borrower and I am thinking we would list that portion int he "Paid by Others" column on the CD.
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#2113882 - 01/11/17 01:23 PM Re: Paid By Others on CD [Re: Luv2run]
Truffle Royale Offline


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Registered: 07/09/03
Posts: 15780
I haven't seen/read anything limiting that column to only Lender or Seller so I believe you can use it in the manner you are suggesting.

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#2113884 - 01/11/17 01:27 PM Re: Paid By Others on CD [Re: Luv2run]
rlcarey Offline
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Registered: 07/16/01
Posts: 60544
Loc: Galveston, TX
Correct:

Paragraph 38(j)(2)(vi).

1. Credits from any party other than the seller or creditor. Section 1026.38(j)(2)(vi) requires disclosure of a description and the amount of items paid by or on behalf of the consumer and not disclosed elsewhere under § 1026.38(j)(2). For example, credits a consumer receives from a real estate agent or other third party, other than a seller or creditor, are disclosed pursuant to § 1026.38(j)(2)(vi). However, if the credit is attributable to a specific closing cost listed in the Closing Cost Details tables under § 1026.38(f) or (g), that amount should be reflected in the paid by others column on the Closing Cost Details tables and not in the disclosure required under § 1026.38(j)(2)(vi). Similarly, if a real estate agent rebates a portion of the agent’s commission to the consumer, the rebate should be listed as a credit along with a description of the rebate, which must include the name of the party giving the credit.
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#2113913 - 01/11/17 03:25 PM Re: Paid By Others on CD [Re: Luv2run]
Luv2run Online
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Registered: 01/29/15
Posts: 229
Ah, thank you both!
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#2113974 - 01/12/17 09:27 AM Re: Paid By Others on CD [Re: Luv2run]
Justin C. Offline
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Registered: 10/22/15
Posts: 191
Fyi - Seller has its own column on the CD, so you would use that rather than the Paid by Others column.

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