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#1699821 - 05/15/12 07:11 PM Advanced Mtg Satisfaction fee on HUD
bmcLark Offline
Junior Member
Joined: Mar 2012
Posts: 29
Can you tell me where a fee for an advanced satisfaction fee of $5.00 charged to the customer would be shown on the HUD? Should it be included in the Government Recording charges on the comparison on page 3 of the HUD? Should this be disclosed on the GFE as well?

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RESPA
#1699932 - 05/15/12 11:50 PM Re: Advanced Mtg Satisfaction fee on HUD bmcLark
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,397
You want to search this in this thread and the Lending Forum too.
There's been quite a bit of discussion about how this fee has to be placed in a seperate account and tracked and monitored. Concensus was this is not a good practice. Better to add the fee on to the pay-off when it's requested.

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#1699943 - 05/16/12 03:09 AM Re: Advanced Mtg Satisfaction fee on HUD bmcLark
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,353
Galveston, TX
For $5, why bother, it will cost you more than that to run the tickets. smile
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#1700055 - 05/16/12 01:58 PM Re: Advanced Mtg Satisfaction fee on HUD bmcLark
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
We include this charge in our origination charges. It's a cost of 'future' business on the loan and IMHO, not a direct cost on THIS loan, so it's not a recording fee.
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