Thread Options
#2203217 - 01/16/19 09:51 PM PMI Buy-Down...
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
My FI is now offering a borrower-paid PMI buy-down through one of the mortgage insurance companies...Borrower pays a portion upfront at close, and their monthly pmi payment is lowered...I didn't even know this existed (!?) let alone it being brought to my attention when this became available or the FI decided to start offering it...
So naturally, the Mortgage Department is placing the fee in Section H Other...
I am thinking this may need to go into Sec B and be included as a PFC/FC/APR.

Thoughts?

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2203244 - 01/17/19 03:11 AM Re: PMI Buy-Down... Cheli
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 78,960
Galveston, TX
Section B all the way and absolutely a finance charge.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#2203292 - 01/17/19 04:43 PM Re: PMI Buy-Down... Cheli
Cheli Offline
Platinum Poster
Cheli
Joined: May 2013
Posts: 919
Thank you so much, Randy!

Return to Top