Earnest Deposit

Posted By: mdog76

Earnest Deposit - 07/12/16 06:29 PM

We issued a LE and did not list the earnest deposit from the customer on it. The CD was also issued without it as well. Is this something that can be correct with a new CD? I'm not sure about this one.

Thank You.
Posted By: PCBDebbie, CRCM

Re: Earnest Deposit - 07/12/16 07:39 PM

Yes. A new CD can be issued for the closing to reflect the earnest money deposit.
Posted By: John Burnett

Re: Earnest Deposit - 07/13/16 12:07 PM

Originally Posted By PCBDebbie
Yes. A new CD can has to be issued for the closing to reflect the earnest money deposit.
Otherwise, Cash to Close will be incorrect or your borrower won't get credit at closing for the deposit.
Posted By: PCBDebbie, CRCM

Re: Earnest Deposit - 07/13/16 05:10 PM

^^ Correct.