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#2254537 - 05/27/21 06:17 PM Alternative Cash to Close Summary
Jennifer Bridgett Offline
New Poster
Joined: May 2021
Posts: 3
I have a question regarding the Alternative Cash to Close Summary for second lien simultaneous loans.
I was wonder how you handle seller credits on that form. I came across something in the regulation that is throwing me a curve ball.
Specifically, 1L (First Lien Holder) CD "summaries of transactions" table must include any seller contributions toward the SSL (Second Subordinate Lien) under § 1026.38(k)(2)(vii), while the same seller contribution must appear in the SSL CD's alternative "payoffs and payments" table under §1026.38(t)(5)(vii)(B).
When I put it in the payoffs and payments table it looks like our loan amount is short the amount of the seller contribution. I am not convinced that is correct because it looks weird. Just really not sure how this scenario should look on the CD.
Any insight you could provide would be helpful.
Thank you in advance.
Last edited by Truffle Royale; 05/27/21 07:02 PM.
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#2254541 - 05/27/21 06:29 PM Re: Alternative Cash to Close Summary Jennifer Bridgett
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,433
Galveston, TX
Jennifer - Welcome to BOL.

Where are you finding those instructions? That would be giving them the seller contribution twice I believe.

Also, you may want to edit you post as webbots are going to capture your e-mail address and you are going to be inundated with spam.
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#2254549 - 05/27/21 06:55 PM Re: Alternative Cash to Close Summary Jennifer Bridgett
Jennifer Bridgett Offline
New Poster
Joined: May 2021
Posts: 3
I don't remember where I found that citation but it didn't make any sense to me. The post won't allow me to edit (delete) the email address. Thanks for the tip, I will remember that for future posts.
Jennifer

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#2254550 - 05/27/21 07:00 PM Re: Alternative Cash to Close Summary Jennifer Bridgett
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,455
OK
Jennifer......if you'll try copying your entire post.....and THEN hitting edit.....it will go blank...but then you can paste and it will be there for you to edit....hope that made sense.
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I'm fixin' to fix that.

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#2254552 - 05/27/21 07:04 PM Re: Alternative Cash to Close Summary Jennifer Bridgett
Truffle Royale Offline

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Joined: Jul 2003
Posts: 17,266
I fixed it.
fyi: you can just hit the quotation mark icon to bring the whole post back. Then delete the [quote] and move on.

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#2254553 - 05/27/21 07:07 PM Re: Alternative Cash to Close Summary Jennifer Bridgett
Jennifer Bridgett Offline
New Poster
Joined: May 2021
Posts: 3
Thank you so much for your help!

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