Paid outside closing (POC) is the fees or payments rendered outside normal
title insurance and
underwriting
Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liabilit ...
fees due at the time of closing a loan. When acquiring a
mortgage
A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pu ...
or
refinancing, a
lender
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...
or
broker
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...
may show that an appraisal fee is POC because the fee is usually due at the time of service, prior to closing. For a $0
closing cost
Closing costs are fees paid at the ''Closing (real estate), closing'' of a real estate transaction. This point in time called the ''closing'' is when the Title (property), title to the property is Conveyancing, conveyed (transferred) to the buyer. ...
loan, this is often refunded to the
borrower at the time of closing.
Debt
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