Estimated CTC worksheet question

[nate79416]

I just noticed on my 1st worksheet the Owners title insurance was not on it, a few days later after I sent my contract in to my lo, she sent me allllll the paperwork to sign and send back, well it included another worksheet and this one has the owners title insurance added which is 1,447, any reason why it wasn't on the first one?

Thanks

[StartingOver10]

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@nate79416 wrote:
I just noticed on my 1st worksheet the Owners title insurance was not on it, a few days later after I sent my contract in to my lo, she sent me allllll the paperwork to sign and send back, well it included another worksheet and this one has the owners title insurance added which is 1,447, any reason why it wasn't on the first one?

Thanks

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Well, in some counties the seller is customarily responsible for the owners title insurance and in others the buyer is customarily responsible. The LO is probably located in an area where the seller pays owners title. It is a completely negotiable item in your purchase and sale agreement.

Then you sent in your contract and the contract (probably) specified that the buyer is paying for the owners title insurance.

[nate79416]

Ah ok got it
Thanks

[DallasLoanGuy]

old school.... dont show it to the borrower.

new way(thanks fed guv)... show to borrower and then show the seller credit for equal amount.

bottom line: they should have shown it to you. if you signed initial disclosures and it wasnt on there.... then they eat it

[StartingOver10]

Dallas, I don't think it was on a disclosure - it was just the estimated initial worksheet provided prior to contract and disclosures. OP, correct me if I misunderstood.

[DallasLoanGuy]

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@StartingOver10 wrote:

Dallas, I don't think it was on a disclosure - it was just the estimated initial worksheet provided prior to contract and disclosures. OP, correct me if I misunderstood.

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then they dont eat it.... by rule.

i like to show it old school.... and then explain to them that they will see extra fees with EQUAL CREDITS because the guv makes me.

the clients seem to appreciate it best that way.

the way we are FEDERALLY MANDATED to disclose to our clients is stupid. the forms are too confusing and the fedguv makes it all worse

[StartingOver10]

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@DallasLoanGuy wrote:

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@StartingOver10 wrote:

Dallas, I don't think it was on a disclosure - it was just the estimated initial worksheet provided prior to contract and disclosures. OP, correct me if I misunderstood.

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then they dont eat it.... by rule.

i like to show it old school.... and then explain to them that they will see extra fees with EQUAL CREDITS because the guv makes me.

the clients seem to appreciate it best that way.

the way we are FEDERALLY MANDATED to disclose to our clients is stupid. the forms are too confusing and the fedguv makes it all worse

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Agree 100%.