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#1085494 - 11/20/08 10:50 PM Reg Z
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
I just printed the banker tools spreadsheet for finance charges. Question on the construction draw fee. If the bank does the draws and charges the fee, is this also a finance charge, or is it only if the draw fee is paid to a 3rd party?

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#1085512 - 11/20/08 11:04 PM Re: Reg Z gunches
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,036
Toano, VA
It's a FC.
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...gone fishing.

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#1085732 - 11/21/08 03:04 PM Re: Reg Z gunches
gunches Offline
100 Club
Joined: Dec 2005
Posts: 210
So in the spreadsheet I printed off it says "Fee Paid To Third Party" Is this incorrect then and it should say "Fee Paid to Third Party and Bank" or am I all messed up?

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#1085744 - 11/21/08 03:11 PM Re: Reg Z gunches
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,649
Galveston, TX
It would be an either or situation. The fee does not have to be paid to a third party for it to be a finance charge.
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