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#2093552 - 08/16/16 02:35 PM Missouri- payoff quote fee
GrBo1006 Offline
Member

Registered: 04/05/13
Posts: 83
When considering charging a fee for the payoff quote on a loan, where does this need to be disclosed? On the note or the deed of trust? I read the deed of trust to say a lender may charge an applicable fee as expressed in the promissory note. My question, do we disclose a range for the fee, ie, we may charge $50 to process a payoff quote, in the terms of the note? Or can we state that we may charge a fee and leave the amount blank?

Thank you.

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#2093595 - 08/16/16 04:31 PM Re: Missouri- payoff quote fee [Re: GrBo1006]
NoJustNo Offline
Member

Registered: 10/25/13
Posts: 68
Loc: Midwest
What type of loan?

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#2093610 - 08/16/16 05:26 PM Re: Missouri- payoff quote fee [Re: GrBo1006]
GrBo1006 Offline
Member

Registered: 04/05/13
Posts: 83
Residential conv real estate

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#2093623 - 08/16/16 11:48 PM Re: Missouri- payoff quote fee [Re: GrBo1006]
rlcarey Online
10K Club

Registered: 07/16/01
Posts: 66625
Loc: Galveston, TX
Eagle is driving at the such a fee is not allowed on a junior lien.

Since you are asking a legal question as to where to put this in your loan documents, I suggest you visit with legal counsel. It is not a compliance issue.

Other than that 1026.34(a)(9) Payoff statements. (i) Fee prohibition. In general, a creditor or servicer (as defined in 12 CFR 1024.2(b)) may not charge a fee for providing to a consumer, or a person authorized by the consumer to obtain such information, a statement of the amount due to pay off the outstanding balance of a high-cost mortgage.
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