Posted By: Cbigun
Verification of Employment fee - 02/12/21 08:40 PM
1026.38(f) states “For each transaction subject to § 1026.19(f), the creditor shall disclose the information in this section: ……..(f) Closing cost details; loan costs. Under the master heading “Closing Cost Details†with columns stating whether the charge was borrower-paid at or before closing, seller-paid at or before closing, or paid by others, all loan costs associated with the transaction, listed in a table under the heading “Loan Costs
Back when TRID came out the whole purpose was that every fee in connection with the loan had to summarized and disclosed, no matter who paid for it. So, my question is, if there is a Verification of Employment fee in connection with the loan, but the bank chooses to pay it as a "cost of doing business", does it have to be disclosed on the CD showing that the BANK paid it? Is that part of "all loan costs associated"?
I think I have this down and then the response is..... we don't pass it on to the borrower if we get charged.
Back when TRID came out the whole purpose was that every fee in connection with the loan had to summarized and disclosed, no matter who paid for it. So, my question is, if there is a Verification of Employment fee in connection with the loan, but the bank chooses to pay it as a "cost of doing business", does it have to be disclosed on the CD showing that the BANK paid it? Is that part of "all loan costs associated"?
I think I have this down and then the response is..... we don't pass it on to the borrower if we get charged.