POC, in closing costs terminology, stands for what?

POC, in closing costs terminology, stands for what?

• A. Paid On Closing
• B. Partial Of Costs
• C. Point Of Contact
• D. Paid Outside Of Closing

Answer: (D)

POC stands for Paid Outside Of Closing. This label is used on closing documents to indicate fees that the borrower has already paid directly to a vendor (or will pay separately) rather than paying them at the closing table or financing them into the loan. These costs are part of the transaction but occur outside the closing, so they typically don’t affect the cash you bring to close. For example, if you pay the appraisal fee directly to the appraiser before closing, that amount would appear as POC. The other phrases don’t reflect closing-cost terminology.

POC stands for Paid Outside Of Closing. This label is used on closing documents to indicate fees that the borrower has already paid directly to a vendor (or will pay separately) rather than paying them at the closing table or financing them into the loan. These costs are part of the transaction but occur outside the closing, so they typically don’t affect the cash you bring to close. For example, if you pay the appraisal fee directly to the appraiser before closing, that amount would appear as POC. The other phrases don’t reflect closing-cost terminology.