Currently “Discount Points” are printing in item 4 of the Vermont Mortgage Loan Commitment Agreement (cx4671). Since the amount for itemized line 802 in ConformX is only to be used for “Discount Points” charged on the loan, itemized line 802 currently prints on the form in item 4.
In keeping with our policy to match statutory and administrative law language as much as possible, the Vermont Commitment has been modified to disclose “Points” in item 4 instead.
The official definition for “Points,” according to Vt. Code R. 4-2-5:2 (Vermont Banking Division Rule B-98-1), is as follows: “Points means all amounts required to be listed on a HUD-1A Disclosure form lines 801 and 802, as in use on July 1, 1998.” Therefore the dollar amount of itemized 801 “Origination Points” plus the dollar amount of itemized 802 “Discount Points” will print on the Vermont Commitment in item 4 as “Points” effective November 5, 2011.
November 3, 2011