Finance & Non-Finance Charge Items

Transcription

1 & Non- Items Definition ANY FEE paid to HOA or Management Company Abstract or Title Search Abstractors Abstractors Handling Administrative Adverse Market All Items Paid by Seller or Lender Application Appraisal : Drive By Appraisal : Field Asset Valuation Appraisal : Recertification of Value Appraisal : Service Appraisal : Standard Assignment Assumption Attorney's Auction Audit (Any kind of Audit fee) Bond s: Participation, Reservation, Review, Transfer, etc. (Bond Program is KHC, OHFA, etc.) Broker Admin. 12 Broker /Mortgage Broker 12 Buydown Protection Letter Closing/Settlement or Closing/Escrow Commitment Compliance Review Conditional Filing Condo Doc Review or PUD Doc Review (when fee is required by Lender) Construction Admin Construction Loan Disbursement (Draw s charged by Title Agent or Construction Agent) Copy Corelogic Correspondent Delivery

2 & Non- Items Definition Courier/Express Mail/Fed Ex or other Overnight s (includes fees charged by title agent) Credit Life and Disability Insurance 4 Credit Processing (CARD) Credit Report Date Down Endorsement Delivery/Handling Digital Archiving /Archiving Disbursement Admin /Disbursing Agent Discount /Points Distribution Document Storage Doc Tax Stamp 2 Document Delivery or Document Retrieval Document Preparation 11 Document Preparation - Redraw fee 11 Document Review Document Signing Electronic Document Delivery or Electronic Retrieval E-file Document Escrow Administrative Escrow Pad /Pad Escrow Service Escrow Waiver Extension Fax File Retention / File Scan Final Appraiser Certification of Completion (Performed before closing) Final Delivery Final Inspection (After loan closing) Flood Certification 1 Flood - Life of Loan Foundation Certification (Only if performed after closing) Funding Georgia Per Loan GFE

3 & Non- Items Definition Hazard Insurance 3 Home Buyer Education HUD Tag Verification Inspection : Chimney closing) Inspection : Gas Inspection : Home Inspection : Mechanical Inspection : Plumbing & Heating Inspection : Radon Inspection : Re-Inspection Inspection : Roof Inspection : Septic Inspection : Termite (Pest) Inspection : Well/Water/Septic Intangible Tax Interest (Interim/Per diem or prepaid interest on new loan) Internet Transaction Judgement Search Late Payment s Late Request Lender's Escrow s ( charged for processing work completion escrow) Lender's Inspection (Performed by Lender) Loan Tie In or Loan (CA-Title agent charge to Fed Ex package) Lock-In (Initial or Extended or Rate Lock ) Manufactured Home / Manufactured Home Closing MCC (Commitment or Application) MERS Registration Modification /Modification Recording Mortgage Cancellation Mortgage Insurance Premiums (Includes amounts collected at closing and during the term - both MIP and PMI) Mortgage Tax Name Search

4 & Non- Items Definition Notary 6 One Rate (Lump Sum Title s) 5 Origination Out of County Pad /Escrow Pad Payoff Processing Plat Sketch/Plat Drawing Post Closing / Post Closing Admin Predatory Lending Certificat Property Inspection Alternative (PIA)/Property Inspection Waiver (PIW) Quality Control Re-certification or Re-certification of Value Real Estate Compliance /RE Admin 9 Reconveyance 7 Recording Prep Recording : Assignment (Required by Lender) Recording : City Transfer Tax Recording : Conservation (to record) Recording : Deed/Mortgage/Release Recording : Electronic Recording Recording : Mortgage Registration Recording : Mortgage-Abstract/Torrens Release Recording : Prep-Recording Recording : Recording Service (d by and paid to title co) Recording : Subordination Agreement Recording Redraw (see also Document Preparation - Redraw ) 10 Release 7 REO /REO Auction Rural Development Guarantee (RHS Guarantee ) Sales Tax or Surcharge on Title or Escrow (charged by a title company) Scan (Also File Scan )

5 & Non- Items Set-up Settlement (or Closing) Signing Service Definition Staged Inspection s on Construction-Perm Loans Sub-escrow preparing a subordination agreement which is required by the Lender) Supplemental Origination Survey/Escrow Survey Tax Service or Tax Contract Telephone Tieff in CA) Title Endorsements: ARM Rider Title Endorsements: Condo Rider Title Endorsements: PUD Rider Title Examination Title Insurance Title Insurance Binder Title Search Title Service Title Services and Lender's Title Insurance (Lump sum only) 12 Title Work s: Affidavit Filing Title Work s: Abstracting Title Work s: Special Assessment Search Title Work s: Well Disclosure Filing Transaction Transfer 8 Travel Underwriting VA Funding Verification VOE and VOD Verification s Warehouse Wire / Late Wire / Rush Wire Witness Yield Spread Premiums 203K s: Architectural and Engineering

6 & Non- Items 203K s: Bond 203K s: Independent Consultant 203K s: Permits and Other s 203K s: Plan Review 203K s: Rehab Advisor 203K s: Rehab Escrow Amount Definition Definitions 1. If the fee includes the initial certification plus life of loan service, and the breakdown costs between the two are not or cannot be determined to show as separate costs on the GFE & HUD-1, then the entire fee must be disclosed as a prepaid finance charge. 2. Must be properly disclosed on the face of the TIL, or other forms as permitted by Regulation Z, such as the HUD-1, Good Faith Estimate, or Itemization of Amount d. 3. Must have proper disclosures on TIL stating that hazard insurance may be obtained from anyone the borrower chooses. If obtained through creditor, cost of hazard insurance must be disclosed. 4. Must not be required by the creditor and proper disclosures are on the TIL; a) disclosed as not required; b) disclose premium for initial term; c) customer signs an affirmative written request. 5. "One Rate " is the lump sum amount of all title charges that apply to the loan. If a breakdown is not available, the entire amount must be treated as a finance charge. 6. Notary is a finance charge if the amount being charged is unreasonable. Unreasonable being $50 or higher. 7. Not a finance charge if paid by the state, county, or city. If not paid to the state, county, or city, then it is a finance charge. 8. A Transfer is a finance charge except when being charged by a management company for HOA dues (i.e. condo, pud, etc.) 9. Real Estate Compliance/RE Admin is a finance charge if the loan is a REFINANCE but is not a finance charge 10. Document Preparation, Document Preparation - Redraw, and Redraw if paid to the broker/lender are considered broker compensation and therefore should be treated as a finance charge for high cost testing. They are NOT a finance charge if paid to a non-affiliated 3rd party. 11. These fees refer to fees charged by a 3rd party broker, not a real estate broker. 12. With 2012 RESPA charges, Lump Sum Title Services and Lender's Title Insurance fee is NOT considered a finance charge. However, if the fee is itemized in the loan file, those fees are finance charges must be included in the APR.