Answer:
You must identify the entity the fee was paid to.
You would only record it as POC if it truly was paid outside the closing.
You have a software issue that needs rectified.
First published on BankersOnline.com 4/23/12
Recording Appraisal Fee in HUD-1 or HUD 1-A
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Question:
In Settlement Statement (HUD-1A), Secion 804 Appraisal fee Question. Normally, lenders receive appraisal fees at the loan application. In Good Faith, the fee will be disclosed. What is the proper method in recording the appraisal fee in the HUD-1 OR HUD-1A? Is it correct to record "the fee to ABC Appraisal Co in Section 804 as P.O.C." and in Comparison of Good Faith Estimates (GFE) and HUD-1A Charges, to record the fee in Good Faith Estimate and HUD-1A, althought the automatic software will not record the fee in HUD-1A)?
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