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BankersOnline.com Forums State-Specific Compliance Issues Texas Administration Fee
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#1143507 - 03/11/09 04:29 PM Re: Administration Fee ahanna
ktac MITCH Offline
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ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
That is my understanding - the fee is tied to a loan & the subsequent "refinancing" of that loan.
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#1145472 - 03/16/09 03:58 PM Re: Administration Fee ktac MITCH
CalifDreamin Offline
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CalifDreamin
Joined: Mar 2002
Posts: 2,264
Far from Calif
Related question - what if the customer comes back in say 3 months and refinances that loan, but also adds new money? I still say to only charge it every 180 days, but wanted to be sure.
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#1145508 - 03/16/09 04:22 PM Re: Administration Fee CalifDreamin
ktac MITCH Offline
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ktac MITCH
Joined: May 2005
Posts: 1,813
Giant side of TX
Yes I agree, because you are refinancing that loan.
Now - whether you call it a Loophole or just strictly playing by the rules, IMO - - if you make an additional loan for the additional funds (rather than refinancing and adding money) you have a New Loan and can charge the admin fee.
Also, we have not pointed out in this thread that if the loan is over $1,000 the fee is capped at $25 & for loans under $1,000 the fee is capped at $20. = = = Per 342.201 (f)
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