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| | | Supreme Being
Group: Forum Members
Last Login: 11/26/2008 10:43:37 AM
Posts: 157, Visits: 410 |
| | Can anyone tell me if the Seller Consessions on Fannie Mae Government screen is tied to Line K on Loan App page 4? I have an LO who says that he believes that the seller concessions (k. on loan app page 4, under details of transaction), are normally linked to the seller concessions field on the government screen under Fannie Mae. He said when he first started the loan and entered the amount of 8,000 in line K, the amount carried over automatically to the government screen. When he later removed the 8,000 on line k, the amount didn't update on the government screen and caused the issue. He also stated that updating the amount on the government screen does not update the amount on line k. I tried to replicate what he is saying but can not get this to happen, so I am guessing he is wrong. Can anyone help me out?
Thank you, Eric J. Lilly |
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Supreme Being
Group: Moderators
Last Login: 11/15/2008 10:00:24 PM
Posts: 835, Visits: 1,899 |
| It has always been my understanding that Seller Concessions are not the same as any closing costs paid by Seller. Concessions are usually any property, jewelry, furniture, that the Seller leaves in the home. Closing Costs paid by Seller have to be enumerated as fees in the GFE.
Bryan
Point Product Manager |
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| | | Supreme Being
Group: Forum Members
Last Login: 11/26/2008 10:43:37 AM
Posts: 157, Visits: 410 |
| Thank you, Bryan. You have been most helpful.
Thank you,Eric J. Lilly |
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| | | Junior Member
Group: Forum Members
Last Login: 2 days ago @ 1:05:39 PM
Posts: 23, Visits: 58 |
| This is definietly ones of those things that my new LO's and processors get confused on, but once they're told it's okay. We just rarey see actual concessions anymore so I think people have forgotten about them!  |
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