LTV and Seller Credits

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This topic contains 0 replies, has 1 voice, and was last updated by  Mary Frances 2 weeks, 4 days ago.

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    Mary Frances

    I believe this is more of a safety & soundness question but was hoping someone could point us in the right direction. We are looking for the law or regulation that talks about seller credits other than credits for closing costs such as credits for repairs. On a purchase transaction where the seller is giving a credit for repairs we will deduct the credit from the purchase price when calculating our LTV. We want to read the law/regulation that pertains to this to better understand and train our processors. We started looking for this by going to FDIC’s website but was unable to find anything specific. Can anyone point us in the right direction? Thank you

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