Hard Money Loan Forms

[Kent R.]

In Florida, I know that both a mortgage and note are recorded by the Lender with the Clerk of the Court, but where/how are the points (origination fee) addressed? The notes that I've seen in court records only have the interest rate and term of the loan with no mention of the points.

[Dion DePaoli]

In Florida only the Mortgage is recorded at the county a promissory note is not recorded. When a modification or amendment is completed that is recorded and will carry note parameters on it. A mortgage generally does not carry the all of the note parameters on it. A mortgage is granting of the collateral, the note is the IOU thus the note has the full loan terms on it, the mortgage reference those terms to structure the collateral obligation.

In the court record the mortgage and note are both submitted as function of the foreclosure complaint. Not sure after I reread your post if that is what you meant by recorded.

Points and fees would be from the HUD 1 statement and is dependent upon the defense the borrower attempts. In the event they are trying to point out Section 32 loans which is a high cost loan they would need to support that by showing the HUD. The HUD is not recorded and would have to come from either the lender, borrower or title company.

Not sure what you are trying to accomplish. If you are trying to compare mortgage offers you should use your TIL (Truth In Lending) form which will show you the true APR of your loan but tends to not be fully accurate until you get closer to funding.

If you give a little more information on your intent, might be able to point you in the correct direction.