Ahhh, the joys of the new rule. These are crazy times. Let's talk about POC designations, shall we? We've seen some lenders interpret an FAQ on the subject to mean that there is only one proper designation of POC charges. I don't believe that is a correct reading of the FAQs. I think there are several ways to skin this cat: there is the way the rule itself describes an acceptable notation, there is the alternative notation that is acknowledged in the FAQ and there is the long standing POCB, POCS, and POCL. So please don't think that POC * - with an additional line item of * Paid Outside of Closing by Seller is the one true way to denote a POC item!
Tuesday, February 23, 2010 - 10:35am
