Posted by Belinda/CA on 4/12/12 11:04pm
Msg #417758

Collect First Payment Funds

"AGENTS ARE REQUIRED TO COLLECT FIRST PAYMENT FUNDS AT THE TIME OF CLOSING – NO EXCEPTIONS - refi witness only."

I have never been asked to do this in all my years.
Have you been asked to "collect first payment funds?"

Reply by Doris_CO on 4/13/12 1:01am
Msg #417762

Is this a mortgage refinance? In the last several months, I've had a few borrowers tell me the funds they had to pay at closing was actually the first payment, so check the HUD. The answer might be there.

Reply by MW/VA on 4/13/12 8:50am
Msg #417775

Not unusual at all. I see it all the time on FHA or VA

refi's where there's no out of pocket costs, but they do collect a payment. They also sometimes call it escrow funds. IMO it's just a way around to get some cash from the borrowers.