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NFLP RESPA Reform Blog > Posts > Closing costs paid by the seller are not to be included on the GFE so if the seller is paying closing costs on behalf of the buyer, where do we put this?
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12/30/2009There is no place on the GFE to show costs normally paid the borrower that will be paid by the seller or lender at closing. The purpose of this GFE is to give the buyer an estimate of the costs he will have to pay at closing. It does not address how those costs will be paid. So you will have to explain to your borrower that these are total costs and this much may be paid by the seller per your contract. There is no place on the GFE to give the borrower the cash required at closing or the total PITI payment. |
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