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Using Outside Vendor for Applications Online

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Question: 
We are a small credit union with about 4,000 mortgage loans. We are beginning to accept payments online for the application and for the appraisal fees that are required. Are there any restrictions on using an outside vendor to do this for us?
Answer: 

None that I am aware of, as long as you are not charging an application or appraisal fee until after the LE is issued and an intent to proceed is received.

First published on 09/16/2018

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