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#2289835 - 10/17/23 11:58 PM Where to show “Borrower Funds to Close” on CD
Tarhe Online
Diamond Poster
Joined: Nov 2006
Posts: 1,395
California
On a mortgage purchase loan, the borrower made a deposit of $X and we show it in Section L of the Closing Disclosure on the Deposit line. In addition, borrower then made a deposit into escrow (our mortgage loans close via an escrow company) of $XX to complete the purchase price of the transaction. We are having some confusion over where to disclose this “Escrow Deposit Funds to Close”. I’m thinking it should be added to the deposit line in Section L. The CD I am reviewing has disclosed it as a negative amount in Section K under Adjustments (and titled it “Escrow Deposit Funds to Close”.) But that does not seem correct. Any thoughts on that? Thank you!

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Lending Compliance
#2289839 - 10/18/23 06:25 AM Re: Where to show “Borrower Funds to Close” on CD Tarhe
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,031
Galveston, TX
(ii) Any amount that is paid to the seller or held in trust or escrow by an attorney or other party under the terms of the agreement for the sale of the property, labeled “Deposit”;
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2289860 - 10/18/23 03:13 PM Re: Where to show “Borrower Funds to Close” on CD Tarhe
Tarhe Online
Diamond Poster
Joined: Nov 2006
Posts: 1,395
California
Thank you!

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