Profile picture for kg1980

Should the Appraisal fee show up in the GFE if it was paid via credit card

Should the Appraisal fee show up in the GFE if it was paid via credit card?
Since I already paid for it I am assuming that it should be in the GFE or at least should be marked as paid by providing the credit.
  • December 11 2012 - US
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Answers (8)

Best Answer

Profile picture for GMerino

It should show (POC) paid outside of closing on the GFE.

  • December 11 2012
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Profile picture for Go Huskers
Run far away from anyone that tells you that a GFE will show an appraisal as Paid Outside of Closing (POC). You will see the charge for the appraisal on the GFE, but it will NOT be listed as POC. To do so is a RESPA violation.

From HUD:

Q: Can items be listed as ―Paid Outside of Closing or ―P.O.C.on the GFE?
A:  No, the totals included in the column on page 2 of the GFE must be the sums of the prices or fees, by category, for all settlement services that are required to be shown on the GFE. Where individual components of these totals are required to be itemized, each third party settlement service must be identified and the estimated total price or fee to be paid for that service must be stated to the left of the column.  The standardized GFE form does not allow information to be included on any part of those totals that would be paid outside of closing.  Such information would not help borrowers to shop for loans and would not facilitate comparison of the charges on 
the GFE with the charges on the HUD-1.

Thumbs down for the terrible advice to a consumer and potentially leading them to make a poor decision about their transaction. 
  • December 11 2012
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The answer would be yes. All fees whether paid out of pocket like your appraisal or paid by the seller or lender are still required to be listed. The point of the GFE is to show all costs associated with the loan. Then credits are usually listed on the fee worksheet and/or page 3 of the loan application. No credits will show on the actual GFE. On your final HUD1 you will see all charges and credits listed even if the seller or lender pay all of your costs you will still see what costs they paid. Go over it in detail with your loan officer. 
  • December 11 2012
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The big question should be whether or not it is listed as needing to be paid at closing on the final HUD1. The GFE is only an estimate (meaning the figures will more than likely change slightly between the GFE now and final HUD1 at closing), if the appraisal has already been paid just make sure they don't try to charge you again on the final HUD1 at closing.

Hope this helps!

Best Regards,
Robert Adams
  • December 11 2012
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It might not show up as that on the GFE,
==================
If it doesn't show up on the GFE then they can't charge it. Depending on how they interpret the 10% tolerance allowance, they might be able to charge a fraction of it if they over-disclosed some of the other 10% tolerance fees.

If you are receiving a credit towards it then Block A of your GFE will be a negative number.
  • December 11 2012
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Profile picture for Outer Banks N C
Rather than being confused, contact the lender and ask. If you paid it then it will show up as POC on the HUD1 form at closing. It might not show up as that on the GFE, but since you paid it with a CC you have a record of it being paid so you are protected. I have no idea what you mean by:

The lender was supposed to give me credit for the Loan Origination fee and appraisal fee.

Credit for what?

Tim
  • December 11 2012
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Profile picture for kg1980
The lender was supposed to give me credit for the Loan Origination fee and appraisal fee. And he shows credit for the LO and appraisal on the GFE but also lists the appraisal as charge I should pay at closing even though I paid it with a credit card.
Very confusing.
  • December 11 2012
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......which means that yes, it should be on the GFE. 
  • December 11 2012
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