We were having an home equity special and was advertising it as "No Fees and No Closing Costs." However the $500 origination fee was listed on the LE. This is normally our only loan charge for home equity loans. When the CD was issued, the $500 origination fee was listed in Section A and a $500 general lender credit was listed in section J. So as a result, the customer paid $0 costs.
Would the amount financed on the CD be the loan amount $140,000 minus the $500 (origination fee)= $140,500 or would the amount financed by the full loan amount, $141,000 since the origination fee and lender credit offset each other and the customer did not pay any costs?
Thank you!