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#1725890 - 08/01/12 04:01 PM Must this HELOC Loan Fee be Refunded?
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
Borrower paid $150 loan fee in cash at closing. Fee was disclosed in HELOC Application Disclosure, but not in HELOC Note. Can we keep this fee or must it be refunded since not disclosed in the note as a Finance Charge?

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Lending Compliance
#1725895 - 08/01/12 04:04 PM Re: Must this HELOC Loan Fee be Refunded? Rdy2Retire
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,850
Bloomington, IN
You may have disclosed the fee in your initial disclosures but you failed to contract for it in your legal agreement. Therefore, IMO, under your legal agreement you have no authority to collect the fee.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#1725914 - 08/01/12 04:26 PM Re: Must this HELOC Loan Fee be Refunded? Rdy2Retire
Rdy2Retire Offline
100 Club
Joined: Dec 2004
Posts: 117
GA Mountains
Thanks Dan. That's what I thought also.

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