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#1928155 - 05/30/14 07:03 PM GFE Block 1 vs Block 2
Shopgirl Offline
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Joined: Aug 2003
Posts: 1,264
Southeast
If we are a broker and don't charge the borrower any fee, however we as the broker receive from the lender a compensation amount, is this compensation amount reflected in Block 1 with a credit shown in Block 2?

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#1928164 - 05/30/14 07:12 PM Re: GFE Block 1 vs Block 2 Shopgirl
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
Okay, I deleted my first post...

You are the broker and receive a fee that the lender passes on to the borrower?

It would be a debit (not a credit) in Block 2.
_________________________
My opinion only. Not legal advice.

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#1928166 - 05/30/14 07:18 PM Re: GFE Block 1 vs Block 2 Shopgirl
Shopgirl Offline
Diamond Poster
Joined: Aug 2003
Posts: 1,264
Southeast
No, we don't pass the fee on to the borrower. We are the broker and receive let's say 2% of the loan amount as compensation on the loan from the lender. The rate on the lenders sheet reflects a base rate of 2.5%. How do we reflect that on the GFE.

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#1928204 - 05/30/14 08:02 PM Re: GFE Block 1 vs Block 2 Shopgirl
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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