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#2163918 - 02/09/18 07:08 PM
Re: Costs or Points/Fees
George
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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That's my point. What I'm wanting to try and find out for sure though is did the Bureau actually MEAN to cause that hiccup.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2163919 - 02/09/18 07:09 PM
Re: Costs or Points/Fees
George
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Power Poster
Joined: Oct 2009
Posts: 9,086
OK
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I'm not sure i really see a hiccup....it says "and".....
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#2163920 - 02/09/18 07:10 PM
Re: Costs or Points/Fees
George
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Joined: Nov 2002
Posts: 20,654
The Swamp
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But why on earth would they want to differentiate on loans that actually have CD's. That makes zero logical sense.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2163921 - 02/09/18 07:10 PM
Re: Costs or Points/Fees
George
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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[I know...logical...but I still want to know]
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2163923 - 02/09/18 07:11 PM
Re: Costs or Points/Fees
George
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Power Poster
Joined: Oct 2009
Posts: 9,086
OK
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Differentiate what? Maybe they were carving out specifically for the type of situation Understudy is talking about. If only subject to TRID but not ATR, they were good with an NA....
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#2163924 - 02/09/18 07:12 PM
Re: Costs or Points/Fees
George
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Power Poster
Joined: Oct 2009
Posts: 9,086
OK
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Nevermind...i get what you are asking...i don't know why they would want it done that way...i only know how it reads.
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#2163935 - 02/09/18 07:45 PM
Re: Costs or Points/Fees
George
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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Me too.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2163969 - 02/09/18 09:56 PM
Re: Costs or Points/Fees
George
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New Poster
Joined: Apr 2017
Posts: 12
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Please post if you find something that I've overlooked to misunderstood.
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#2164031 - 02/12/18 02:33 PM
Re: Costs or Points/Fees
Understudy
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Joined: Nov 2002
Posts: 20,654
The Swamp
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Thank you RR Joker and David! I appreciate the help! I now feel comfortable reporting NA for both Total Loan Costs and Point and Fees. You are correct. NA on your scenario.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2164176 - 02/13/18 02:37 AM
Re: Costs or Points/Fees
George
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Diamond Poster
Joined: Oct 2015
Posts: 1,668
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Such loans are not subject to 12 CFR 1026.43(c); therefore, you would report "N/A" for both fields, as has been noted before. I consider this pretty clear based on the heading for these categories in 12 CFR 1003.4(a)(17) -
For covered loans subject to Regulation Z, 12 CFR 1026.43(c), the following information:
Since the loan is not subject to 1026.43(c), then neither of the subcategories (Total Loan Costs/Total Points and Fees) are applicable.
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#2165486 - 02/22/18 07:14 PM
Re: Costs or Points/Fees
George
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Power Poster
Joined: Apr 2001
Posts: 4,828
Between the lines
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Here's a summary for Total Loan Costs, Points and Fees, Discount Points, Origination Charges and Lender Credits: If a HMDA reportable loan is made and subject to the “ability to repay†(ATR) requirements you must report the total loan costs or the total points and fees. Report total loan costs if the loan is subject to ATR and the “integrated disclosure†(TRID) requirements. Report total points and fees if the loan is subject to ATR but not TRID. Additionally, if a HMDA reportable loan is made and subject to TRID you must also report the discount points, origination charges and lender credits.
Hope that helps. _________________________ David Dickinson David, thanks for that very succinct model. I have been looking for anything that might be handled differently if it were a purchased loan. So, if I am recording a purchased loan - MH, no land - would I still report only points and fees? Thanks,
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#2165488 - 02/22/18 07:30 PM
Re: Costs or Points/Fees
SMQ, CRCM
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Diamond Poster
Joined: Oct 2015
Posts: 1,668
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SMQ - Purchased loans (not purchase) are treated differently. Since the loan is not subject to TRID, but is subject to 1026.43 due to being dwelling (mobile home) secured, assuming the mobile home is functioning as collateral, then you look to the commentary for Points and Fees:
TOTAL POINTS AND FEES—NOT APPLICABLE. Section 1003.4(a)(17)(ii) does not require financial institutions to report the total points and fees for transactions not subject to Regulation Z, 12 CFR 1026.43(c), such as open-end lines of credit, reverse mortgages, or loans or lines of credit made primarily for business or commercial purposes, or for applications or purchased covered loans. In these cases, a financial institution complies with § 1003.4(a)(17)(ii) by reporting that the requirement is not applicable to the transaction.
Because it is not subject to TRID, you would also use N/A for Origination Charges, Discount Points and Lender Credits.
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#2165706 - 02/23/18 09:20 PM
Re: Costs or Points/Fees
George
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10K Club
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
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If there are no discount points or lender credits that field would be left blank.
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#2165707 - 02/23/18 09:21 PM
Re: Costs or Points/Fees
George
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Gold Star
Joined: Apr 2013
Posts: 420
VA
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I contacted QuestSoft about this and they stated that they will apply a future patch to fix this. Blank is correct.
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