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#1802850 - 04/09/13 06:10 PM Residential Loan Payoff Fee
stan1890 Offline
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Joined: Apr 2013
Posts: 1
Management at my bank (in Minnesota) would like to implement a loan payoff fee of $30 or so when other creditors call and request a payoff for residential real estate mortgages as they would be refinancing our loan and taking it away from us. What are the disclosure requirements for a loan payoff fee such as this, if it is even a possibility? Is it considered a prepayment penalty? Should it be considered a fax fee to prepare and fax the payoff statement?

Thanks.

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#1802902 - 04/09/13 07:02 PM Re: Residential Loan Payoff Fee stan1890
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
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