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BankersOnline.com Forums Dodd-Frank Final Rules Discussions TRID - TILA/RESPA Integrated Disclosures Rule Rate Lock Fee
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#2114494 - 01/18/17 01:24 PM Rate Lock Fee
Shih_Tzu_Lvr Offline
Member
Joined: Nov 2011
Posts: 86
How do you show the rate lock fee on the LE?
We refund the rate lock fee so I assume that is shown as a lender credit on the CD?

Its really a deposit that is refunded.

Please advise.

Lori

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TRID - TILA/RESPA Integrated Disclosures Rule
#2114499 - 01/18/17 01:54 PM Re: Rate Lock Fee Shih_Tzu_Lvr
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,352
Galveston, TX
It would be shown on the LE in Section A and then shown as paid by lender in Section A on the CD.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2114537 - 01/18/17 02:56 PM Re: Rate Lock Fee Shih_Tzu_Lvr
Shih_Tzu_Lvr Offline
Member
Joined: Nov 2011
Posts: 86
Why does it show as POC lender instead of a lender credit?

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#2114539 - 01/18/17 02:57 PM Re: Rate Lock Fee Shih_Tzu_Lvr
Shih_Tzu_Lvr Offline
Member
Joined: Nov 2011
Posts: 86
The thing is ~ nothing was ever paid by the lender. Its collected as a deposit and returned (its to off set any potential non delivery fee's).

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#2114541 - 01/18/17 03:04 PM Re: Rate Lock Fee Shih_Tzu_Lvr
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,352
Galveston, TX
Because you collected the fee and then returned it. It is a specific lender credit for that fee that was already paid.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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