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#465972 - 12/05/05 09:25 PM GFE ??
gunches Offline
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Joined: Dec 2005
Posts: 210
Can somebody clarify this for us? Long ago I was at a meeting and told we were required to put the real estate tax amount and hazard insurance on the GFE & HUD as poc.
Is this still correct???

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#465973 - 12/05/05 09:37 PM Re: GFE ??
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
Yes.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#465974 - 12/06/05 01:51 PM Re: GFE ??
Reed Offline
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Reed
Joined: Sep 2005
Posts: 1,251
West Coast

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#465975 - 12/06/05 08:57 PM Re: GFE ??
Reed Offline
Diamond Poster
Reed
Joined: Sep 2005
Posts: 1,251
West Coast
I just got a verbal opinion from the OCC regarding disclosure of real estate taxes on the GFE. They said it should be disclosed for purchase money transactions but for refi's and 2nds it's only necessary if you are escrowing or if the customer is delinquent on thier taxes. IMHO it seemes easier to just put it on, but I thought I'd pass along the info.

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#465976 - 12/06/05 09:06 PM Re: GFE ??
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
The bulletin in the above link is from the FDIC Chicago Regional Office. I can't speak to the OCC or any other agency's requirements.

I would also be careful relying on a "verbal" opinion. Although sometimes that's all you have.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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