Here is a sample of what we will be teaching in the upcoming webinars and training classes. (Dates to be posted very soon.) WHEW! Who knew what used to be a simple task of entering a dollar amount and payee on line 1301 could get so complicated?
The location of the survey fee on the HUD-1 is determined as follows: (a) if the loan originator required a survey as a condition of the loan and selected the settlement service provider, the charge for the survey must be listed on a blank line in the 800 series in the borrower‘s column; (b) if the loan originator required a survey as a condition of the loan and the borrower selected the settlement service provider, the charge for the survey must be listed as part of the total in Line 1301 of the HUD-1 and itemized as applicable; (c) if a survey was required to issue a lender‘s or owner‘s title insurance policy, the charge for the survey is part of the charge in Line 1101 and must be further itemized if performed by a third party; (d) if the borrower elected to obtain a survey that was neither required by the loan originator nor required to issue a lender‘s or owner‘s title insurance policy, then the charge is listed in the borrower‘s column on a blank line in the 1300 series.
So (a) is inside the column in the 800 section and GFE block #3 assigned; (b) is 1300 outside of the column, GFE #6 block is assigned, and fee is rolled up into line 1301; (c) in 1100 section, outside of column, rolled up into 1101 and GFE block #4 is assigned; (d) inside 1300 section inside the column and no GFE block is assigned.
