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#2170384 - 03/27/18 06:06 PM CD-Commissions
mdog76 Offline
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Sorry if this is an easy question, but is real estate commission required to be on the CD? What if that number is not known?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2170386 - 03/27/18 06:08 PM Re: CD-Commissions mdog76
RR Joker Offline
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The Swamp
Yes. Section H. I've never had a problem getting that number from the Realtor[s] for the Cd.
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#2170394 - 03/27/18 06:13 PM Re: CD-Commissions mdog76
MScarn6942 Offline
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Land Lacking in Lakes, IL
Does your area not have a fixed commission? In my part of IL it's 7% of the sales price.
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#2170404 - 03/27/18 06:21 PM Re: CD-Commissions mdog76
John Burnett Offline
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John Burnett
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Cape Cod
In many jurisdictions, it will appear in the purchase agreement, too. As for the closing disclosure requirement to disclose the real estate commissions paid by the seller, the borrower or any other party (and any other costs of the real estate transaction) see ยงยง1026.38(g) and 1026.38(g)(4) and comments 38(g)(4)-1 and -4.
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#2170420 - 03/27/18 06:41 PM Re: CD-Commissions mdog76
mdog76 Offline
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Thanks for the help. Honestly this is an item we've been missing and hasn't been picked up on by auditor or examiner.

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#2170458 - 03/27/18 08:32 PM Re: CD-Commissions mdog76
John Burnett Offline
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John Burnett
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Cape Cod
Don't feel too bad. This is the fifth time I've responded to one version or another of your question this month (to the point that I remembered the section and comment citations in my post). I did check them before clicking the "Submit" button.
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