The Federal Trade Commission, in a press conference March 21, 2001, announced the details of a settlement entered into with First Alliance Mortgage Co.
When we close a loan on the mortgage side we charge a $30 credit report fee. The actual fees are between $16.50 and $50. We averaged our actual costs and came up with $30; therefore, we are charging more for some customers and lessfor others.My question is - is this practice permissible or do we have to charge actual costs? Can you point me in the right direction on this issue?
Our bank is interested in obtaining a blanket lenders single interest insurance policy. I would like information on what amount of the premium could be passed through to the consumer, and if that amount would be need to be included in the finance charge?