Fees: Overnighting the Loan Docs

Answered by:

Question:

What are implications of charging a fee to cover expenses for sending lending documents to closing attorneys by Fed Ex?

Answer:

If the bank requires this it should be considered a finance charge in the loan. If the consumer opts for this, it can be excluded. You should only pass on the Fed Ex fee. You should not add any amount on behalf of the bank.

First published on BankersOnline.com 9/3/01