Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance MI Transfer Fee FC?
Thread Options
#1740886 - 09/14/12 01:46 PM MI Transfer Fee FC?
deh Offline
Platinum Poster
Joined: Mar 2006
Posts: 866
Has anyone ever heard of this fee... Is it a finance charge? It is payable to the MI Company.

Return to Top
Lending Compliance
#1740895 - 09/14/12 01:57 PM Re: MI Transfer Fee FC? deh
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Yes - it would be a finance charge. Not sure when or why it is charged or why it would be passed on to the borrower though.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1740896 - 09/14/12 02:00 PM Re: MI Transfer Fee FC? deh
deh Offline
Platinum Poster
Joined: Mar 2006
Posts: 866
Thanks. I have never heard of it. We have a DU Refi Plus and Radian is charging the fee.

Return to Top
#1740993 - 09/14/12 04:16 PM Re: MI Transfer Fee FC? deh
Rocky P Online
Power Poster
Joined: Jun 2003
Posts: 7,658
Florida
It sounds like it would be for transferring the MI from the old loan to the new loan (rather than setting up a new insurance).
_________________________
Integrity. With it, nothing else matters. Without it, nothing else matters.

Return to Top
#1741005 - 09/14/12 04:29 PM Re: MI Transfer Fee FC? deh
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
It would still be a finance charge as it would not be charged in an equivalent cash transaction and there is no specific exemption that would cover it.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top

Moderator:  Andy_Z