Thread Options
#2239992 - 07/22/20 07:53 PM Lender Pays fees
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 237

We are paying all closing cost for a customer, and I haven't done a LE on a situation like this. I looked it up but I want make sure before we send it out. Based on Q&A #3 under Lenders Credit on the CFPB FAQs we can leave all the fees off the LE?

Return to Top
TRID - TILA/RESPA Integrated Disclosures Rule
#2239993 - 07/22/20 07:58 PM Re: Lender Pays fees Dodge
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,762
Bloomington, IN
That's correct. You only need to disclose the fees the borrower will have to pay such as escrow deposits, taxes, insurance, prepaid interest.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2239995 - 07/22/20 08:07 PM Re: Lender Pays fees Dodge
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
When you get to the closing disclosure, though, you will have to show ALL the costs, regardless of who has paid/will pay them, and show the dollar amounts for those the bank pays in the "Paid by Others" column.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top