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#1501337 - 01/27/11 07:29 PM Future Fees
Reg Booster Offline
100 Club
Joined: Aug 2010
Posts: 102
Midwest
I need an opinion. We are contemplating charging future fees for things such as lien release, UCC continuation, and release of mortgages. The bank will not make any income on this. Do we need to disclose this? If so, where? If we disclose on our documents, we realize if there is an increase in fees, we will just have to absorb the additional costs.

Any suggestions?

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Lending Compliance
#1501353 - 01/27/11 07:49 PM Re: Future Fees Reg Booster
Princess of Power Offline
Gold Star
Princess of Power
Joined: Aug 2002
Posts: 406
Napa, CA
If you are collecting them when originating the loan, you need to reflect on your disbursement authorization and TIL. If you are going to collect latter at time of payoff, simply show on your disbursement authorization future estimated fees to release lien. If you use laser pro it has a box to check and it makes it very easy.

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