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#2242417 - 09/14/20 08:29 PM Seller Fees on Buyers CD
Refresher2020 Offline
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Joined: Aug 2020
Posts: 34
What are the requirements for seller fees on the buyers CD? We have a title company that is refusing to provide seller fees because they say they're not required. I thought seller fees were to disclosed in section H of the CD. Am i missing something?

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TRID - TILA/RESPA Integrated Disclosures Rule
#2242418 - 09/14/20 08:42 PM Re: Seller Fees on Buyers CD Refresher2020
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
All seller closing costs have to appear on the buyer's CD, regardless of what section they appear - send them this link:


https://www.consumerfinance.gov/pol...sure-faqs/#providing-closing-disclosures

1. If separate Closing Disclosures are provided to the seller and the consumer, does the TRID Rule require that seller-paid Loan Costs and Other Costs be disclosed on page 2 of the consumer’s Closing Disclosure?


Yes, the TRID Rule requires seller-paid Loan Costs and Other Costs to be disclosed on page 2 of the consumer’s Closing Disclosure even if separate Closing Disclosures are provided to the seller and consumer. A creditor does not comply with the TRID Rule if it discloses seller-paid Loan Costs and Other Costs only on page 2 of the Closing Disclosure provided to the seller. 12 CFR § 1026.38(f) and (g); 1026.38(t)(5)(v) and (t)(5)(vi).

See Section 11.7 of the Small Entity Compliance Guide for more information about the modifications allowed when separating the seller and consumer’s Closing Disclosures.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2242420 - 09/14/20 08:48 PM Re: Seller Fees on Buyers CD Refresher2020
Refresher2020 Offline
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Joined: Aug 2020
Posts: 34
Thank you rlcarey! This is will definitely get the message across!

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#2242443 - 09/15/20 03:00 PM Re: Seller Fees on Buyers CD Refresher2020
Truffle Royale Offline

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Posts: 17,280
Two questions:
1) Any chance the title company is talking about the fees shown on page 3 of the CD like loan payoff amounts, etc?
2) is this a one off situation where the seller doesn't want the buyer to see some payoffs OR is it this title company's SOP? 99% of sellers have nothing to hide and likely don't care if the buyer sees their mortgage payoff.

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#2242486 - 09/15/20 10:53 PM Re: Seller Fees on Buyers CD Refresher2020
Refresher2020 Offline
Junior Member
Joined: Aug 2020
Posts: 34
Truffle, it was the seller's title company that was giving us a hard time. The buyer and seller were being represented separately. The buyer title company that was supplying the information to us was having a hard time with the seller title company. Thanks to rlcarey's quick response the seller title company fell in line and gave us what we needed.

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#2242503 - 09/16/20 02:15 PM Re: Seller Fees on Buyers CD Refresher2020
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,285
Cape Cod
After so many years of TRID, the word on this has still not reached all the third parties who can create compliance problems through their ignorance.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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#2242582 - 09/16/20 09:47 PM Re: Seller Fees on Buyers CD Refresher2020
Refresher2020 Offline
Junior Member
Joined: Aug 2020
Posts: 34
Yes John, I agree. I'm very new to TRID so it's extra frustrating trying to fight these situations while I'm still trying to take it all in and learn.

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#2242790 - 09/21/20 03:20 PM Re: Seller Fees on Buyers CD Refresher2020
Truffle Royale Offline

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Posts: 17,280
separate title companies??? I've never seen/heard that!

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#2242800 - 09/21/20 04:20 PM Re: Seller Fees on Buyers CD Refresher2020
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
Might be more prevalent in States that do not have a simultaneous issue discount.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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