Posted By: Bville
Principal Reduction - 09/21/18 11:26 PM
Does a principal reduction show on Line K04 or as an Adjustment in Section K of the Summaries of Transactions?
Posted By: rlcarey
Re: Principal Reduction - 09/22/18 10:58 AM
Adjustments in Line K, which is 1026.38(j)(v).
Paragraph 38(j)(1)(v).
1. Contractual adjustments. Section 1026.38(j)(1)(v) requires disclosure of amounts not otherwise disclosed under § 1026.38(j) that are owed to the seller but payable to the consumer after the real estate closing. For example, the following items must be disclosed and listed under the heading “Adjustments†under § 1026.38(j), to the extent applicable: