Posted by Sharon FL on 9/24/04 10:12am
Msg #8801

POC

Can anyone tell me what POC stands for on a Settlement Statement?

Reply by Tula Michigan on 9/24/04 10:22am
Msg #8802

Paid out of closing. Fees or charges paid by the borrower or the lender, before closing. For example the borrower will pay for the appraisal so that fee will be POC on the settlement statement.

Reply by Butterfly on 9/24/04 10:25am
Msg #8803

Paid out of closing. Say you personally refi'd your home, when the appraiser arrived he collected a check for $350 the fee of the appraisal. This fee is in connection with the loan and in CA needs to be disclosed. You will see this appear on the closing statement as $350 POC. The other item is if the broker is receiving a rebate from the lender for closing the loan (Mtg. Broker's in CA must disclose but banker's do not) they must disclose. The borrower is not paying the rebate but it is a fee on the loan that is being paid.

Hope this helps!

Reply by Sylvia_FL on 9/24/04 10:55am
Msg #8804

Sharon,
Where in Florida are you located??

Click on my link and feel free to call me if I can help with anything.

The next few days my cell phone may be the better number, as it looks like we are evacuating again for Hurricane Jeanne :(

Reply by HisHughness on 9/24/04 11:08am
Msg #8805

Sharon FL inquires:

***Can anyone tell me what POC stands for on a Settlement Statement?***

POC = Poor ornery cuss. Used to describe people who are genetically inclined toward a dyspeptic or choleric disposition, as opposed to one who simply chooses to be an SOB. The "poor" implies a certain level of sympathy for the person, on the assumption that he "cannot help himself" be any different. Some lenders and title companies, in recognition of the involuntary nature of the borrower's affliction, levy a smaller charge for a POC than for the more common SOB. The NotRot forum has several POCs but only one SOB.