Adding fees to an existing loan

Posted By: Dodge

Adding fees to an existing loan - 01/26/15 06:02 PM

We are sending documents to be signed by a customer who is working out of state. Is it permissible to add the fedex fee to the customer's loan? These documents pertain to the customer's loan.

Would adding a mailing fee to the loan be new money; therefore, right of rescission would apply?
Posted By: rlcarey

Re: Adding fees to an existing loan - 01/26/15 09:46 PM

Allowable fees are a matter of contract and State law. Increasing the loan balance maybe a RofR trigger under certain circumstances.