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#2197136 - 11/01/18 09:07 PM Increase Points for Rate Lock Extension Fee
Tarhe Offline
Diamond Poster
Joined: Nov 2006
Posts: 1,240
California
We issued our CD on a loan. Builder did not issue the Occupancy Certificate (builder's fault) which delayed our closing so we needed a rate lock extension for 2 days. The builder agreed to pay the extension fee. Can we increase"points on the loan to cover this extension fee (which caused an insubstantial change in the APR.) As points are zero tolerance - just wanted to make sure we can do this.

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#2197161 - 11/02/18 12:44 PM Re: Increase Points for Rate Lock Extension Fee Tarhe
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,710
Bloomington, IN
Show the increased amount to be paid by the builder in the paid by others column.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#2197423 - 11/06/18 04:31 PM Re: Increase Points for Rate Lock Extension Fee Tarhe
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,593
Cape Cod
I am not so sure I'd call this "points." Call it what it is -- a rate lock extension fee -- and, as Dan suggests, put the money figure in the Paid by Others column. Instruct the settlement agent (if there is one), that the builder is to pay that amount.
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#2198223 - 11/14/18 07:56 PM Re: Increase Points for Rate Lock Extension Fee Tarhe
Cridal_Z Offline
New Poster
Joined: Jun 2017
Posts: 19
We make the settlement agent put it on the seller CD, our system will still hit us for a cure even if it is marked as paid by seller or other because the system reads it as still being charged to the buyer even though being paid by someone else frown

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#2198232 - 11/14/18 08:07 PM Re: Increase Points for Rate Lock Extension Fee Tarhe
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,593
Cape Cod
That's just plain wrong, and you should be demanding a software update.
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BankersOnline.com
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#2198528 - 11/16/18 08:53 PM Re: Increase Points for Rate Lock Extension Fee Tarhe
Cridal_Z Offline
New Poster
Joined: Jun 2017
Posts: 19
I will have to see if there is some sort of work around!

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#2198555 - 11/16/18 10:44 PM Re: Increase Points for Rate Lock Extension Fee Cridal_Z
Katherine Offline
Member
Joined: Aug 2017
Posts: 62
Originally Posted By Cridal_Z
We make the settlement agent put it on the seller CD, our system will still hit us for a cure even if it is marked as paid by seller or other because the system reads it as still being charged to the buyer even though being paid by someone else frown


You may have to manually fix your CD. Our system will sometimes show a cure, even when we lender-paid it in the paid by others column and click on lender-paid in our system.

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