Change in the R/E Tax disclosure requirements

Posted By: JSD

Change in the R/E Tax disclosure requirements - 04/26/06 02:42 PM

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
Posted By: Murphy Brown

Re: Change in the R/E Tax disclosure requirements - 04/27/06 08:08 PM

The Dallas Region recently told me they were not citing it at this time.
Posted By: RVFlyboy

Re: Change in the R/E Tax disclosure requirements - 04/27/06 09:36 PM

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.
Posted By: mmason

Re: Change in the R/E Tax disclosure requirements - 04/28/06 02:52 PM

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.
Posted By: Janec

Re: Change in the R/E Tax disclosure requirements - 04/28/06 07:19 PM

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.