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#2131108 - 05/19/17 02:46 PM Intangible Tax on loan estimate LE
scb2011 Offline
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Joined: Mar 2011
Posts: 258
TN
Where does the Florida Intangible Tax go on the loan estimate LE? what tolerance is the tax? We do not typically originate loans in FL but have 1 in process.

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#2131119 - 05/19/17 02:58 PM Re: Intangible Tax on loan estimate LE scb2011
John Burnett Offline
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John Burnett
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Cape Cod
Section E. If it's an ad valorem tax, it goes on the Transfer Taxes line. If not ad valorem, on the Recording Fees and Other Taxes line.

Recording fees are part of the 10% bunch. Transfer taxes are 0% tolerance costs.
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#2131123 - 05/19/17 03:03 PM Re: Intangible Tax on loan estimate LE scb2011
rlcarey Offline
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rlcarey
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Galveston, TX
It would be included in Transfer Taxes and they are 0% tolerance.
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#2131129 - 05/19/17 03:21 PM Re: Intangible Tax on loan estimate LE scb2011
scb2011 Offline
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Joined: Mar 2011
Posts: 258
TN
If the processor did not know about the intangible tax because the bank does not normally lend in FL, can that be a changed circumstance?

I believe the tax is a % of the loan amount. I am not sure if that is ad valorem or not?

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#2131134 - 05/19/17 03:30 PM Re: Intangible Tax on loan estimate LE scb2011
MScarn6942 Offline
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Joined: Aug 2015
Posts: 756
Land Lacking in Lakes, IL
Originally Posted By scb2011
If the processor did not know about the intangible tax because the bank does not normally lend in FL, can that be a changed circumstance?


I sincerely doubt it.
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#2131157 - 05/19/17 04:12 PM Re: Intangible Tax on loan estimate LE scb2011
rlcarey Offline
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rlcarey
Joined: Jul 2001
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Galveston, TX
I more than sincerely doubt it - the answer is no.
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