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Lenders Beware! The new gfe rules can cost you!
Well, I'm starting the year with a bang!
As most of you know, the new GFE rules have taken effect. Well, it turns out they can be costly as we trip over all the new proceedures involved with these rules. My first bump in the road is going to cost me some money.
Here's the situation: The purchase contract shows the selling lender paying the transfer taxes but the short sale addendum that's 20 pages long states the selling lender will not pay the transfer taxes in two sentences and 8 point type.
We received the purchase contract from the realtor with the addendum to follow. Client converted preapproval to real deal, locked rates which started the GFE clock for disclosures. We disclosed everything under the sun to borrower within 48 hours of application per new rules. Realtor gives us short sale addendum signed by lender the next day that states lender will not pay transfer taxes.
The transfer tax category has a zero change tolerance so we can't re-disclose this fee to the borrower. Since borrower wasnt' given the fees, they don't have to pay, lender pays! So, from my world to yours, look out! I hope this short post helps ... more

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