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Seller-Paid Costs and Truth in Lending

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Could you address the issue of seller-paid closing costs and TIL disclosure? I believe you have to disclose the costs to the buyer (borrower) on the TIL regardless of who pays the costs. There is some discussion that you can net them from the TIL disclosure. I cannot find any commentary with regard to "seller-paid costs."

Seller-paid costs are disclosed on the HUD-1 settlement statement. Since they are not a cost to the buyer (borrower), they do not affect the TIL.

First published on 3/21/05

First published on 03/21/2005

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