[FCSF2016]

I am having difficulty with how to disclose a purchase plus scenario that isn’t handled by our LOS. The loan amount is $102,000, purchase price is $80,000, cost of improvements (construction holdback shown on line K04 of CD) is $20,000, total closing costs are $3,000 (borrower will need to bring $1000 to closing). When I calculate the Closing Costs Financed per the regulation I get -$2000. When I calculate the Funds For Borrower per the regulation I get -$2000. With these 2 amounts the Cash to Close isn’t correct (the amount is being counted twice so the end result is the borrower getting $1000 at closing instead of bringing in that amount). What am I doing wrong? I could “fix” the Calculating Cash to Close by showing $0 for both Funds for Borrower and Funds From Borrower but that’s not what I get by looking at the reg. I would appreciate some help because this is driving me mad!

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[kmeade]

I did a sample loan, with the loan amount of $102,000, purchase price of $80,000, cost of improvements (construction holdback shown on line K04 of CD) as $20,000, total closing costs of $3,000 and the borrower financing $2,000 of these fees. On the fee screen I listed $2,000.00 of the fees in the financed column and I listed the other $1,000.00 of the fees in the cash column. When I reviewed my CD, on page three of the closing disclosure is shows $1,000 cash to close from the borrower. In our software we have to break the fees in to the paid or financed columns for this to work. I hope this helps!

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