I think I have this straight in my mind but want to make sure. I have a new Sr Lender in the mortgage department that wants to charge an application fee on every mortgage application. This fee would cover, at minimum, the appraisal fee and the credit report fee. My question is two-fold:
On the Good FaithWe would disclose the applicaton fee
We would disclose the standard appraisal fee and the standard credit report fee as "POC"
On the HUD or HUD1A :
We would not include the appraisal fee or credit report fee since we are not actually charging the customer
Correct?