Posted by kynotary on 7/14/05 12:20pm
Msg #52080

NRCC?

Okay, I know that NRCC stands for "Nonrecurring Closing Costs", but what form do you find this listed on?

Reply by Sylvia_FL on 7/14/05 12:38pm
Msg #52092

That is a question from a test!

A hint - if you know what the NRCC are, then you should be able to figure out what form they are on.

Reply by kynotary on 7/14/05 12:45pm
Msg #52096

Yes, this is from a test. Found the definition here, but not what document it is located on. Can somebody help me out on this?

Reply by Sylvia_FL on 7/14/05 1:11pm
Msg #52111

This is very basic signing agent knowledge. Closing costs whether non-recurring or not are always on the same form.

Please study the manual or whatever signing agent course you have.

Reply by IrisWA on 7/14/05 1:02pm
Msg #52106

A test???!!! EEEPS! Geez -- hope I passed! -- n/m

Reply by IrisWA on 7/14/05 1:00pm
Msg #52105

I am unfamiliar with the term "NRCC" but, theoretically speaking, any closing cost is "supposed" to be listed on the HUD-1. Since the version we get to see at signing is just the "Estimated" version and changes are frequently made after signing, but before closing, it doesn't always reflect everything. Since I am unfamiliar with the term, I don't know if it is synonymous with "POC," "Paid Outside Closing."

Likely places:

If it's on the HUD-1, it should appear on page 2 in Section L -- if you have the approximate dollar amount you're looking for, search for it in any of the sections beginning with line 700, ending with line 1300. If it's there at all, it may not be in the section we consider to be the logical place for it.

You may not see what you're looking for reflected as a separate charge at all if the preparer into the total -- despite the fact it should be separately listed.

It might be buried in Section VII, lines 'e' or 'f,' of the 1003 (Loan Application) -- either the GFE, and/or on the revised version.

Depending on the levels of competence of and communications between all those involved (from mortgage broker, to loan officer, to loan processor, to escrow assistant, to escrow LPO) up to the preparation of the HUD-1, there are an amazingly infinite number of creative ways I've seen some of these charges reflected (or not) within the loan dox.

I hope this is of some help. Good luck!

Reply by kynotary on 7/14/05 1:23pm
Msg #52118

This is actually what I thought, but wanted to get some imput from the real pros on the site, like yourself Iris, you are a godsend and a credit to the notary profession, my hat is off to you. Thank you for your help!

Reply by IrisWA on 7/14/05 1:52pm
Msg #52133

kynotary -- Had I known ...

Not to appear thankless about your compliment (I am not), had I known this was a merely a search for an answer to a test question, I would have remained silent, echoing Sylvia's comments to you. My fault entirely! I made an assumption based on my own ignorance of the term and desire to be helpful.

An admonition here, intended only to be constructive: even though you thought you knew the answer, it would've been far more valuable to you had you researched this for yourself instead of going for the 'expedient' solution by asking here. Information researched/studied on one's own may take a lot longer, but once accomplished, can truly be called "knowledge" and is yours forever.

What's that old saying [rhetorical]? Something like: "Give a man a fish and feed him once. Teach him how to fish, and he'll never be hungry."

Anyway -- have a good day, and good luck with your career!

Reply by PAW_Fl on 7/14/05 1:48pm
Msg #52129

A list on NRCC not associated with a lender ....

Closing Costs When Buying or Refinancing a Home

Non-Recurring Closing Costs not associated with the Lender

Closing/Escrow/Settlement Fee – Methods of closing a real estate transaction vary from state to state, as do the fees.

Title Insurance – Title Insurance assures the homeowner that they have clear title to the property. The lender also requires it to insure that their new mortgage loan will be in first position. The costs vary depending on whether you are purchasing a home or refinancing a home, so we will not provide a range here.

Notary Fees – Most sets of loan documents have two or three forms that must be notarized. Usually your settlement or escrow agent will arrange for you to sign these forms at their office and charge a notary fee in the neighborhood of $40.

Recording Fees – Certain documents get recorded with your local county recorder. Fees vary regionally, but probably run between $40 and $75.

Pest Inspection – also referred to as a Termite Inspection. This inspection tests not only for pest infestations, but also other items such as wood rot and water damage. The inspection usually runs around $75. If repairs are required, the amount to cover those repairs can vary. The seller will usually pay for the most serious repairs, but this is a negotiable item. Usually (not always) the pest inspection fee is paid by the seller of the home and is not normally reflected on the Good Faith Estimate.

Home Inspection – Since it is the homebuyer’s choice to obtain a home inspection or not, this cost is not usually reflected on a Good Faith Estimate. However, it is recommended. Keep in mind that the home inspector has a certain set of standards he uses when inspecting a home, and those standards may be higher than required by local building codes. An example is that an inspector may note there is no spark arrestor on a chimney but the local building code may not require it. This sometimes leads to conflicts between buyer and seller.

Home Warranty – This is also an optional item and not normally included on the Good Faith Estimate. A Home Warranty usually covers such items as the major appliances, should they break down within a specific time. Often this is paid by the seller.

Loan Tie-in Fee - Although this sounds like a lender fee, it is not. When charged, it is usually by a settlement agent (escrow, lawyer, etc) and is to compensate them for services they provide in dealing with the lender.

Sub-escrow Fee - When charged, the source of this fee is usually the title insurance company. It is usually to compensate them for activities in coordinating with the settlement agent (lawyer, escrow company, etc).

Courier Fee - Sometimes charged and deals with the costs associated with ferrying documents around between the lender, title, escrow, settlement, etc.

Homeowner’s Association Transfer Fee – If you are buying a condominium or a home with a Homeowner’s Association, the association often charges a fee to transfer all of their ownership documents to you.

(copyright 2000 by Terry Light and RealEstate ABC, modified 2002)

Reply by Iris Grayson on 7/14/05 2:00pm
Msg #52147

Very helpful, PAW_Fl ... thanks for posting -- n/m

Reply by sheila in san jose ca on 7/14/05 2:14pm
Msg #52161

Re: Very helpful, PAW_Fl ... thanks for posting -- n/m

Non -recurring is just that, such as the costs that PAW mentioned. They are non-recurring because you pay them only now in association with THIS closing. Re-curring closing costs would be taxes and insurance, interest, which you pay again and again and again- often you will see non-recurring costs mentioned on purhase transactions (on estimated closing statement) because sellers sometimes give buyers a credit (money back)which lenders allow only if it is related to non-recurring closing costs. Even if they verbally discussed a credit for new carpet- lenders do not allow this type of credit-so they make sure it is described as a credit for non-recurring closing costs.

Reply by kynotary on 7/14/05 5:40pm
Msg #52229

Re: Very helpful, PAW_Fl ... thanks for posting -- n/m

Thanks to all for all your help on this. I am floored by all the help and support, I will not forget it and help others even if it is feeding them for a day instead of a lifetime. Thanks Again.