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#430298 - 09/28/05 03:55 PM Mobile home affidavit of affixture
Bartman Offline
Diamond Poster
Bartman
Joined: Oct 2000
Posts: 1,191
Springfield
The fee for filing this affidavit is $45, plus whatever the county recording fee is. Do you consider this a finance charge?

Since the purpose of the document is to convert personal property to real property, and can have an effect in both a credit and a cash transaction, I can see an argument for excluding it from the finance charge / APR calculation. I'm also quite comfortable with a more conservative "this benefits the bank, so leave it in" approach.

What do you do?
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Opinions are Bartman's, not those of my employer. "A noble spirit embiggens the smallest man."

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#430299 - 09/30/05 05:50 PM Re: Mobile home affidavit of affixture
TomS Offline
Gold Star
Joined: Jan 2004
Posts: 315
USA
We look at it as a government filing fee relating to the perfecting of our security interest (226.4(e)), and do not include it in the finance charge.
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