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#1496000 - 01/14/11 10:49 PM Bank pays for flood cert
Wonderofitall Offline
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Wonderofitall
Joined: Sep 2010
Posts: 226
Out West
For a particular loan product, the bank orders and pays for a flood hazard determination. Should it be disclosed in the itemization of amount financed as POC? Should it be disclosed anywhere since the customer isn't paying it?

Thank you.
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#1496029 - 01/15/11 04:50 AM Re: Bank pays for flood cert Wonderofitall
jlroberts Offline
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jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
GFE - show full amount in Block 3
HUD - show POC lender

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#1496043 - 01/15/11 03:32 PM Re: Bank pays for flood cert jlroberts
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,776
Galveston, TX
HUD - actually it would be shown in the 800 series as borrower paid and be credited back to the borrower in the 200 series of the HUD-1. To my knowledge there are no longer any provisions for POC-L on a HUD-1.


On a non-RESPA loan there are no disclosure requirements.
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#1496067 - 01/16/11 12:09 AM Re: Bank pays for flood cert rlcarey
jlroberts Offline
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jlroberts
Joined: Sep 2009
Posts: 1,601
Ohio
Oh yeah, knew that. DUH! We give all our credits in 200 series. smile

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