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Why does my GFE have a column for Paid by Seller - I am paying ALL the FEES!

Profile picture for robgil123
The broker is simply rolling it into my loan. Isn't this deceptive?
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August 02 - Cape Coral
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It is a purchase, robgil says "Paid by Seller".

I was trying to get the buyer to understand that a change of wording doesn't change the facts as to who is paying for certain items.
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August 02
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Since August 2009

David, you lost me in that first paragraph.

You are right, the loan officer must be exact.  However, on closer inspection, we need to OP to clarify what kind of transaction this is.

Is is a refinance or purchase?  If a purchase, is the seller contributing a percentage to help with the buyer's closing costs.

If this is the scenario, then depending on the title company there are several ways to show the seller credit.  Some title companys move a corresponding amount of fees to the seller side and some show it as a one line credit on page one of the HUD.

OP needs to clarify.
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August 02
There isn't any room for semantics when dealing with the real estate transaction, the items listed and who they are paid by is actual. The items come from that person/companies own funds. What would be deceptive is if they listed you as paying for everything since you are getting financing your are not paying for everything the lender is paying for most of it, when you have paid off the loan then you could say "I paid for it" Although it is unlikely that you will ever pay off the loan, it will either be refinanced or you will sell the home, if you sell it for equal to higher value than what you paid then wouldn't it be fair to say that the future buyer paid for your closing cost on this transaction.

Now since we have moved past that, the items listed on your GFE should be an accurate portrayal of what it will cost you to purchase the home and how much you need to bring to closing. It is not deceptive.

After looking at the GFE do you think the broker has given you a good estimate of what you need to bring to closing and the fees that will need to be paid in advance?
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August 02
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You loan officer could have made a mistake.  We use a lot of templates that are pre-filled for a certain type of loan.  He/she may have just selected the wrong template.

I noticed your other post and it seems you are not comfortable with the mortgage transaction.
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August 02
Profile picture for robgil123
No, it is on the GFE
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August 02
Profile picture for Ken Kopper
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robgil123, are you talking about the HUD settlement statement rather than the GFE?
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August 02
 

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