What Does POC Mean?

By
Mortgage and Lending with The Mortgage Experts at America's Mortgage, a Division of Cherry Creek Mortgage Co. NMLS #241555

Here's another common question:

Q: What does POC mean on a Good Faith Estimate and a Final Settlement Statement?

A: POC stands for Paid Outside of Closing, and refers to any fee that is not being disbursed at the closing. The two most common POC charges are the appraisal fee (if it has been paid by the borrower before the closing) and the yield spread premium (the rebate that the lender pays the mortgage broker).

If a fee is marked as POC, it is not included in the bottom line on the settlement statement because the borrower has either already paid it (in the case of a paid appraisal) or the borrower does not owe it (in the case of a yield spread premium).

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Topic:
Lending / Financial
Location:
Colorado
Tags:
mortgage tips
poc
paid outside of closing

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