- Business Rules
If we have additional recording fees being charged to the borrower, where should they be itemized?Under the subheading "Taxes and Other Government Fees," on the first line, the sum of all recording fees and other government fees and taxes (except for transfer taxes paid by the consumer and disclosed) are to be entered. If an amount required to be disclosed by this paragraph (g)(1) is not charged to the consumer, the amount disclosed on the applicable line required by this paragraph (g)(1) must be blank.
Commentary ¶37(g)(1) Taxes and other government fees, states:
"Recording fees listed under §1026.37(g)(1) are fees assessed by a government authority to record and index the loan and title documents as required under State or local law. Recording fees are assessed based on the type of document to be recorded or its physical characteristics, such as the number of pages. Unlike transfer taxes, recording fees are not based on the sale price of the property or loan amount. For example, a fee for recording a subordination agreement that is $20, plus $3 for each page over three pages, is a recording fee, but a fee of $1,250 based on 0.5 percent of the loan amount is a transfer tax, and not a recording fee.
No additional items may be listed under the subheading in §1026.37(g)(1)."
Citation(s): §1026.37(g)(2) and Commentary ¶37(g)(1)-1
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here