To Designate or Not Designate POC? That Is The Question!
Ahhh, the joys of the new rule. These are crazy times. Let's talk about POC designations, shall we? We've seen some lenders interpret an FAQ on the subject to mean that there is only one proper designation of POC charges. I don't believe that is a correct reading of the FAQs. I think there are several ways to skin this cat: there is the way the rule itself describes an acceptable notation, there is the alternative notation that is acknowledged in the FAQ and there is the long standing POCB, POCS, and POCL. So please don't think that POC * - with an additional line item of * Paid Outside of Closing by Seller is the one true way to denote a POC item!
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Comments
2010 GFE design
If we're stuck with this hideous new form and process at least can we get it a little more user friendly? I'm coming to you in hopes of using your voice to simply change the new GFE and HUD to remove the shading. Both forms now include shaded areas and we all know down here in the trenches that shading doesn't work on our forms. We fax everything, multiple times!! Somebody please carry that message to the top. It's a simple thing to fix and will alleviate a lot of heartburn. Thank you.
Shading Can Be Removed
HUD states in their recent FAQs that the shading can be removed from the HUD-1. It should be an easy change to make on your documents - contact your software provider if you need assistance. YAY!
2010 GFE design
Yes, yes, please remove or lighten the shading! We get SO many complaints about this! You would think someone would have had the forethought to TEST these changes before making them mandatory.