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TRID/LE/CD & Realtor credit

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  • November 30, 2015 at 3:03 pm EST #8523
    aschliebe
    Participant

    Good Afternoon,
    We have a borrower who is participating in a program called “homes for heroes”, the realtor will be giving the borrower 25% of their 3% commission towards closing costs. Is this considered a “gift” and should it be disclosed on the LE under Adjustments and Other credits?
    Thank you!

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  • December 3, 2015 at 2:37 pm EST #8557
    rcooper
    Member

    As I’m sure you know, there isn’t anything that specifically mentions this type of situation, but I do believe it would be considered a gift and be disclosed under Adjustments and Other Credits on the LE.

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