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#261848 - 10/27/04 03:36 PM MO - renewals on RE loans
FC Offline
100 Club
Joined: Feb 2004
Posts: 100
I get very confused with the MO laws on when you can charge a fee and when you can't. I have read the statues several times and still can't figure it out. On a renewal of a consumer loan secured with residential RE can a renewal fee be charged? The amount of the loan is over 50,000.

Any clarification on this would be greatly appreciated. Thanks

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#261849 - 11/02/04 08:29 PM Re: MO - renewals on RE loans
CSpellman Offline
100 Club
Joined: Nov 2000
Posts: 176
If you conduct a review of the loan, including new credit report and new underwriting you can charge a fee. If you just renew, then no.
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