Can a lender charge a customer for the cost of a soft credit pull prior to an application for example for a prequal or preapproval? I have heard that
there are no federal prohibitions on doing this, but I would like to have more than one perspective please.
We are a lender in Massachusetts and disclose on our HELOC agreement the discharge fee that will be charged by the registry of deeds to discharge the loan when it is paid in full. Massachusetts recently went up in their fee by $30. The fee disclosed at the time of loan closing was accurate at that time. Can we charge the increased fee?
If you have a Filing Fee (lien on title) and a UCC1 recording fee to the State, would both of these amounts be reflected in the Fed Box or just the Filing fee on the title?
Can you charge a late fee on a consumer single pay note?
We see quite often where lenders agree to pay for or credit back items such as the lenders title policy. This is often done when a lender wants to capture the business of a builder so they offer this as a "perk" to the referrals coming from that builder. I was wondering how other lenders manage to do it without violating any regulations. We wouldn't plan to do this across the board.
We are looking to increase our late fees on our consumer loans (installment and line of credit) not affecting any HELOC or mortgages at the first of the year. I know based on our current disclosures we cannot increase late fees on existing loans but can on the new loans made going forward. I am looking to see if we need to provide our membership with a notice of increase in fees? If so, does it need to be in a newsletter or can it be a hard coded message on the statements? I can't seem to locate this within Reg Z rules.
We recently found a fee that was charged to a borrower and needs to be cured. The closing has already happened and we charged too much. Could you tell me the proper steps on how to cure a loan post consummation and where do we place the cured amount on the cd?
We are looking at charging fees for credit reports. We have never done this. How do we do this correctly? We are looking for any recommendations or guidance you can offer.
Our state pays real estate taxes semi-annually. Can we charge a "life of loan" fee on consumer real estate loans for performing a real estate tax check? If we can charge such a fee, must it be incorporated into the loan origination fee (which we currently do not charge) or can it be a separate line item? If a separate line item, where does it get placed on the LE/CD?
We have an outside team and would like them to refer their customers to our inside team since the outside team has too much to handle. Can we still offer some compensation to the outside team since they are referring their customers to are inside team?