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#749508 - 06/08/07 02:33 PM Charging a fee for pre-quals
Bank on it Offline
100 Club
Bank on it
Joined: Oct 2003
Posts: 105
New York
Is it legal to charge a fee to prequalify someone for a residential mortgage loan?

I did a search, but I did not see where this had already been addressed. Thanks.

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Lending Compliance
#749511 - 06/08/07 02:35 PM Re: Charging a fee for pre-quals Bank on it
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,673
Bloomington, IN
That will depend on your state law, there is no Federal prohibition that I'm aware of.
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The opinions expressed are mine and they are not to be taken as legal advice.

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