Some lender credits are for tolerance cure and should appear on page 2, but some lenders put a credit on page 3 for prepaid items, such as a prepaid app fee. When we enter multiple lender credits in the credit screen it totals them all onto the bottom of page 2. We need an option to allow the credit to appear on page 3 instead so that our CD and ALTA match the CD that the lender issues.
The credits that lenders trypically show on page 3 instead of page two are for funds the borrowers prepaid to the lender.
Hello
I will review the documentation again that I have but it does clearly state they should be in section J. I deleted the two CDs you posted as this is a public forum.
This is the documentation I am referring to
Hi Alyssa,
The credits that appear on page 3 in section J are credits for tolerance cures. All of our lenders put credits on page 3 for funds that are prepaid to them, not for tolerance cures. Many lenders show funds prepaid to them as a lump sum credit on page 3 and not broken down in the poc column on page 2. See samples from two different lenders attached.
Clearly lenders are able to do this and not raise any issue with the CFPB. We should be able to generate our CD and ALTA to coincide with the lenders CDs.
Please review further and advise what we can do to try to get this change implemented.
Jill M. Lippert
Paralegal
[cid:image001.png@01D9C6D9.D10292F0]
Kellem & Kellem, LLC
100 Recreation Park Drive, Suite 101
Hingham, MA 02043
phone ~ (781) 804-1300, ext. 311
fax ~ (781) 804-1301
email ~jlippert@kellemandkellem.com
www.kellemandkellem.com
please consider the environment before printing this email
Do Not Wire FundsWithout Reading the following:
If you receive an e-mail from this office or any party involved with a real estate transaction requesting that you wire or otherwise transfer funds, do NOT do so unless and until you have confirmed the request and any corresponding instructions by telephone with this office. E-mail accounts of attorneys, other professionals and businesses are being targeted by hackers in an attempt to initiate fraudulent wire requests.
LEGAL PRIVILEGE ALERT: Email is covered by the Electronic Communications Privacy Act, 18 USC Section 2510-2521 and is legally privileged. The information contained in this message is confidential, intended solely for the use of the individual or entity named as addressee and is protected by law from discovery. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, forwarding, distribution, copying or unauthorized use of this communication is strictly prohibited. Any unauthorized dissemination, forwarding, distribution, copying or use to any party other than the intended recipient is strictly prohibited. If you have received this communication in error, please notify the sender by telephone at 781-804-1300, or via return Internet e-mail to jlippert@kellemandkellem.com and expunge this communication without making any copies. Thank you for your cooperation. Nothing in this email is intended to or shall constitute an "electronic signature" unless there is a specific statement included in this email. Thank you.
Hello
According to CFPB requirements, Lender Credits must be disclosed in Section J, or they can be in the Paid by Others Column on Page 2. However, they do not indicate they can appear on Page 3.
E-Closing