May 17, 2012 - 3:01pm
#1
On GFE's, in instances in which our CU errs on a fee (such as Title fee, or mortgage tax) in excess of a tolerance level , the CU absorbs the cost. It is then documented on the GFE as POC/L (Paid outside of closing by lender). One of our closing attorneys has told our Mortage Officer she heard BOA was recently audited, and it was determined "POC/L" was not an acceptable method for such disclosure. Thoughts? How are you all disclosing such items?
