Thread Options
#538287 - 04/26/06 02:42 PM Change in the R/E Tax disclosure requirements
JSD Offline
Platinum Poster
JSD
Joined: Oct 2000
Posts: 512
USA
I have not seen anything about this on BOL unless it was overlooked, but did anyone attending the recent ABA National Compliance School also hear that the FDIC Chicago Region that was requiring R/E Taxes to be disclosed has changed their minds and it is no longer required ??? If so, is there anything in writing about the change? Thanks, JSD

Return to Top
Lending Compliance
#538288 - 04/27/06 08:08 PM Re: Change in the R/E Tax disclosure requirements
Murphy Brown Offline
New Poster
Joined: Jan 2006
Posts: 12
Texas
The Dallas Region recently told me they were not citing it at this time.

Return to Top
#538289 - 04/27/06 09:36 PM Re: Change in the R/E Tax disclosure requirements
RVFlyboy Offline
Power Poster
RVFlyboy
Joined: Oct 2000
Posts: 5,976
Soaring over Georgia
Actually, I've heard it the other way around. First they issued an opinion saying it was not required. Then a few months ago, they issued a retraction and said after further discussions with HUD, it was required to be disclosed. At least that's the way I understood it.
_________________________
Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions

Return to Top
#538290 - 04/28/06 02:52 PM Re: Change in the R/E Tax disclosure requirements
mmason Offline
Gold Star
Joined: Nov 2001
Posts: 447
New England
I've also heard it the other way around, FDIC in our region has just started citing this. I confirmed with my relationship manager last week that they are indeed requiring it.

Return to Top
#538291 - 04/28/06 07:19 PM Re: Change in the R/E Tax disclosure requirements
Janec Offline
Junior Member
Joined: Feb 2006
Posts: 48
M&M Lover - I'm in NE also and we were told we need to disclose taxes but we can't get any guidance as to the correct way to do it. I don't have a problem with disclosing on HE loans but there are different opinions among bankers when it comes to purchase mortgages, both with and without escrows. The FDIC isn't making any comment as to how it should be done so we're on our own to figure it out.

Return to Top

Moderator:  Andy_Z