RE: MIP Funding Fee qeustion

ody3307 — Fri, 25 Apr 2008 16:36:38 GMT

Markitup.

I don't know if you got your question answered. If not, here's the reason for the confusion. Take a look at the Funds Needed to Close screen again. The first line shows the sale price. The next line subtracts the loan amount from the sale price. This loan amount includes the UFMIP. It's a rather odd way to work the math, but it is accurate by the bottom line.

The next line down (3rd line) adds the UFMIP back into the calculation. So, one number negates the other number (it's a wash).

Hope that helps clear things up for you.

Mark

MIP Funding Fee qeustion

Markitup — Mon, 21 Apr 2008 14:29:25 GMT

I'm confused on how point is handling the Financed MIP.

On the 1003 under Details of transaction.
Line G has the MIP Funding fee
On Line N this amount is added to the loan (they're financing it)
On Line O you have the loan amount.

On the GFE under Total Est Funds To Close:
Loan Amount is the same as Line O from the 1003 and says Base Loan amount plus UFFMIP/FF Financed
The next line is UFFMIP/FF Financed and the amount is ADDED to the costs to close.

Why is the MIP added again as a closing cost when it is already being financed in the loan amount. Isn't it charging twice for it (financed amount plus funds to close??)

What am I missing here?

Any help would be greatly appreciated.

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RE: MIP Funding Fee qeustion

MIP Funding Fee qeustion