By default, fees for the following HUD-1 fee lines must be charged to the borrower, since they are disclosed on the GFE and considered to be the borrower’s responsibility:
- Lines 801, 802, and 803, from GFE #1, #2, and A – Origination Charge and Credit or Charge for Interest Rate Chosen
- Line 901, from GFE # 10 – Daily Interest Charges
- Line 902, from GFE #3 – Mortgage Insurance
- Line 903, from GFE #11 – Homeowner’s Insurance
- Lines 1101 and 1104, from GFE #4 – Title Services and Lender’s Title Insurance
- Line 1201, from GFE #7 – Government Recording Charges
- Line 1203, from GFE #8 – Transfer Taxes
- Line 1301, from GFE #6 – Required Services You Can Shop For
- Lines in 1000 series, from GFE #9 – Escrow Account Items
Errors can occur if any of these fees are sent to ConformX as charged to a party other than the borrower. Therefore the following hard-stop error message will now appear when applicable:
“Fee [FEE LINE NUMBER] Charge to Party was imported with the value of [FIELD VALUE]. This fee must be charged to the borrower (i.e. “Buyer”). Please correct this in your LOS and re-import the loan.”
This change will take effect on July 25, 2014. If you have any questions or concerns about this change please contact Client Support at 1.800.497.3584.
July 16, 2014
Task 90328