FINANCE CHARGE DEFINITION:
Includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor incident to or required by the Lender except for fees that would be charged
in a comparable cash transaction. Fees specifically exempt are appraisals, credit reports, doc prep, seller's points, hazard or flood insurance premiums, some title fees. When a fee is charged by a
third party and increased to benefit the lender, the increased amount is called an upcharge. The portion retained by the lender should be considered a finance charge, even on exempt fees. The chart
below may not be all inclusive.
Last Updated 05/30/2008 (recent changes bolded)
APR ITEMS (“Finance Charges”)
203K Consultant Fee
203K Inspection Fee (Lender Makes These Inspections)
Administrative Fee
Amortization Schedule
Application Fee (if only sometimes charged)
Appraisal Review (Review by Lender)
Assignment Fee
Assumption Fee
Bank Fee
Broker’s Fee
Buydown/Subsidy Fee (Borrower’s Portion)
Closing Fee
Commitment Fee
Compliance Audit
Consultant Fee
Conversion Fee
Copy Fee
Courier Fee (All, Including Payoff from Title Co.)
Credit Life Insurance (if required by Lender)
Discount Fee
Document Preparation (lender fee)
Document Review
Download Fee
Engineers Report (if required by Lender)
Escrow Fees to Title Company
Escrow Fees to Lender (203K)
Escrow Waiver Fee to Lender
Express Mail (All, Including Payoff from Title Co.)
Final Inspection Fee
Flood Fee/Flood Cert. (Life of Loan)
Funding Fee
Good Funds (To Lender)
Home Inspection (if required by Lender)
Inspection/Photo Fee (Not to Appraiser)
Inspection and Handling Fees for the staged
disbursement of construction loan proceeds
Insuring Fee
Interest to End of Month (FHA, VA & Conv.)
Loan Delivery Fee
Lock-In
Long Distance (To Lender)
MCC Fee
MERS File Registration Fee
Modification Fee
MIP
Mortgage Insurance
Origination Fee
Per Diem Interest
Plan Review Fee
PMI (Initial Premium)
PMI (Reserves)
Post Closing Fee
Pre-Plan Inspection Fee
Processing Fee
Rebate Fee
Refinance Fee
Release Fee
Review Fee
Supplemental Discount
Supplemental Origination
Tax Service Fee (for life of loan)
Transaction Fee
Transfer Fee
Underwriting Fee
VA Funding Fee
VA No-Bid Fee
Warehouse Fee
Wire Fee |
NON-APR ITEMS (“Not Finance Charges”)
Abstractor’s Certificate
Application Fee - (if charged to all persons seeking credit, whether or not credit is actually extended.)
Appraisal Fee
Appraisal Retype
Appraisal Review (3rd party appraiser)
Credit Report Fee
Credit Alert (CAVIR)
Document Preparation Fee (3rd Party Fee)
Engineer’s Report (if not required by Lender)
Escrow Repairs (Rehab. amounts)
Flood Certification (if part of survey fee)
Flood Determination/Inspection (initial determination)
Flood Insurance
Home Inspection
Insurance Reimbursement
Interest Collected for Old Loan Pay-Off In Refinance
Loan Docs. (fees for preparing deeds, mortgages and similar documents if to 3rd party lawyer)
Modification Filing Fee
Notary Fees
Points - Paid by Seller
Recertification Fee (To Appraiser)
Recording Fee/Filing Fee
Redraw Fee for doc prep lawyer
Restriction Fees (To Title Company)
Survey Fee
Tax Certificate
Tax Deletion (To Title Company)
Tax Service Fee - Initial examination
Termite/Pest Inspection
Title Inspection (To Title Company)
Title Opinion/Policy (To Title Company)
Verifications - Cost of verifying or confirming info re:
non APR item
**IF YOU HAVE TO GUESS, ASSUME IT TO BE A FINANCE CHARGE.**
|
|