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Mortgage Application Fee
Answer by Dan Persfull, BOL Guru
Guru Bios
Question: If a bank requires an application fee for a mortgage, can it require the collection of the fee prior to receipt of a completed application? Furthermore, can the bank refrain from sending disclosures and underwriting the file until receipt of the application fee?
Answer: Yes, you can collect the fee at the time an application is submitted or any time during the application process. If you accept the application without the fee being paid then you have accepted an incomplete application and all disclosure requirements must be met within the required time frames. The early disclosures are not dependent on a completed application being received, only that an application was received.
First published on BankersOnline.com 3/31/08
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