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Re: FYI: Closing Disclosures/Settlement Statements
Posted by James Powell of MI on 7/18/17 6:43am Msg #578733
It has to do with those states where there is a credit when both a Lender's and Owner's Policy are simultaneously issued. The way that the rules have the fees disclosed is not he actual fees that are charged.

The idea was to show the consumer how much extra they would pay if they did not get the two policies simultaneously. Instead, it tends to confuse both parties as to who is paying what.

Here is a basic example:

This is what is paid
Full Owners: $1,900
Simul Loan: $200

This is the amount without the Owners for the loan
Full Loan: $1,500

This is what is on the CD ([Full Owners + Simul Loan]-Full Loan)

Owners: $600
Loan: $1,500

The idea is to show the consumer that it is only costing them $600 more for the Owners Policy.
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Messages in this Thread
 FYI: Closing Disclosures/Settlement Statements -  Christine/OK on 7/17/17 8:06am
 Re: FYI: Closing Disclosures/Settlement Statements -  Cari on 7/17/17 8:55pm
 Re: FYI: Closing Disclosures/Settlement Statements - James Powell on 7/18/17 6:43am
 Thanks James, NOW I can see the confusion...geez.. n/m -  Cari on 7/18/17 8:45am



 
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