FORUM PROFILE

Lender Credits

Home Forums Home Mortgage Disclosure Act Lender Credits

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #14204
    kmullarkey
    Participant

    Are the lender credits we report on the LAR all credits we are giving the customer? If we disclose a total of $500 in customary fees but the lender pays all those fees for the customer at closing, do we report $500 under lender credits on the LAR? Or do we only report those credits that are over & above the customer charges (ex. tolerance cure)

    #14214
    jholzknecht
    Keymaster

    As explained in the program manual and as shown on the program PowerPoint slides, the lender credits disclosed on the LAR are the Lender Credits from Section J of the Closing Disclosures. That amount includes the general credits, which includes the tolerance cure, but not the specific lender credits.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.