Reporting Contract Sales Price

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By Suzanne Foley, Compliance Coordinator                               

MRIS, Sept. 8, 2008—An error that has significant impact on our data is the incorrect recordation of the contract sales price. The “sold” price should be recorded as the contract sales price indicated on the HUD 1 and the sales contract.

Any seller subsidy or contributions from the seller to the borrowers settlement charges should not be included in the contract sales price.

As always, please feel free to contact the Compliance Department at Compliance@mris.net or call 301-838-7140 with any questions or concerns.