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#35263 - 10/01/02 03:36 PM Escrow Fee?
Lestie G Offline

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Joined: May 2002
Posts: 3,605
Near the Land of Enchantment
My secondary market lending area is asking the following question. Escrows are a big pain, and I'm just not sure. Can anyone help?

I have a customer that wants to pay his own escrows which means my investors will charge him a quarter percent to do so. Do I show this as a discount point or can I show it as an escrow fee?
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Lending Compliance
#35264 - 10/01/02 06:59 PM Re: Escrow Fee?
Peepers Offline
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Joined: Jul 2002
Posts: 13,994
We offer this as well and have been showing it as an "Escrow Waiver Fee" on the GFE, HUD and including it in pre-paids. Our examiners haven't had a problem with this in the couple years that we've been doing this.
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#35265 - 10/01/02 07:09 PM Re: Escrow Fee?
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,007
Toano, VA
It's definitely a Finance Charge.
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#35266 - 10/01/02 07:30 PM Re: Escrow Fee?
Lestie G Offline

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Joined: May 2002
Posts: 3,605
Near the Land of Enchantment
Thanks! I appreciate the quick responses.
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