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#1710150 - 06/14/12 12:34 AM Closing fee & Notary fee finace charges y or n
Chocaholic Offline
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Joined: Aug 2005
Posts: 443
Northwest
It has been a long day... we are closing a loan for a purchase of a primary residence. In looking at the examination handbook f/c chart it appears that

Notary fee is not a f/c in a residential mtg transaction .. Y or N

Closing Fee paid to an escrow company is a f/c as long as we do not require the service Y or N

If we do require the service (i.e. we cannot close the loan in house ) then the fee is not included as a f/c Y or N

I am hoping tomorrow will be better & thank you for your help!

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#1710153 - 06/14/12 12:53 AM Re: Closing fee & Notary fee finace charges y or n Chocaholic
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,294
Galveston, TX
From 1026.4:

(c)(7) Real-estate related fees. The following fees (are excluded from the finance charge)in a transaction secured by real property or in a residential mortgage transaction, if the fees are bona fide and reasonable in amount:

(iii) Notary and credit-report fees.

You have the closing fees backwards:

(a)(2) Special rule; closing agent charges. Fees charged by a third party that conducts the loan closing (such as a settlement agent, attorney, or escrow or title company) are finance charges only if the creditor:

(i) Requires the particular services for which the consumer is charged
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1710205 - 06/14/12 01:01 PM Re: Closing fee & Notary fee finace charges y or n rlcarey
Chocaholic Offline
Gold Star
Joined: Aug 2005
Posts: 443
Northwest
Thank you so much...

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