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#2229135 - 01/15/20 09:03 PM Changes In GA Filing Fees For Loans On The Books
80's Lady Offline
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Joined: Apr 2007
Posts: 295
How are you handling the increase in filing fees for loans that are already in your portfolio when the amount collected years ago may have been half of what they have increased to? For instance, when filing a satisfaction are you including the increased amount in the payoff or just eating that increase?
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I use to think I was a smart cookie before I started working in Compliance. Now, I have mastered the art of the blank stare!

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#2229163 - 01/15/20 11:49 PM Re: Changes In GA Filing Fees For Loans On The Books 80's Lady
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,548
Galveston, TX
What do your loan agreements say about charging them this additional fee? So you collect a fee for release at closing on your loans. The reconciliation of that account has to be a nightmare.
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#2229184 - 01/16/20 03:29 PM Re: Changes In GA Filing Fees For Loans On The Books 80's Lady
80's Lady Offline
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Joined: Apr 2007
Posts: 295
Yes, we do collect a fee at the time of closing. All banks I have worked for do this. I will check our loan agreements. Thank you!
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I use to think I was a smart cookie before I started working in Compliance. Now, I have mastered the art of the blank stare!

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#2230139 - 02/03/20 07:32 PM Re: Changes In GA Filing Fees For Loans On The Books 80's Lady
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
We do not. I don't want that headache Randy mentions. We currently consider it in our fee as expected overhead/expenses. If the fee changes, it's just a 'cost of doing business'. We re-analyzed our fees when we were notified of this change and increased them accordingly.
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