Answer:
You would list the lender credit in the 200 series of the HUD-1. You do not have to reissue a GFE with the credit in Block 2/802.
First published on BankersOnline.com 11/08/10
Where does Credit from Lender go on GFE?
Question:
On the GFE, the lender discloses an origination charge that the borrower will have to pay. However, before closing, the bank decides to cover this fee for the borrower. Would this credit from the lender go in the 200 series on page one of the HUD, or would it be shown as a credit for the specific interest rate chosen on line 802? My concern is that we are not giving the credit based on the interest rate chosen, simply as a courtesy to the customer.
print
share