Finance Code § 156.304

A residential mortgage loan originator may charge certain fees before finishing services, but cannot charge a fee to lock in an interest rate unless there is a signed written agreement with refund terms.

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Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
Official source: View official record ↗

fee disclosure mortgage lending

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Provisions of Finance Code § 156.304

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156.304
Finance Code § 156.304
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AI-assisted research summary: A residential mortgage loan originator may charge certain fees before finishing services, but cannot charge a fee to lock in an interest rate unless there is a signed written agreement with refund terms.

Sec. 156.304. FEE ASSESSMENT AND DISCLOSURE. (a) Before the completion of all services to be performed, a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter may charge and receive, unless prohibited by law, the following fees for services in assisting a mortgage applicant to obtain a residential mortgage loan: (1) a fee to obtain a credit report; (2) a fee for the appraisal of the real estate; (3) a fee for processing a residential mortgage loan application; (4) a fee for taking a residential mortgage loan application; (5) a fee for automated underwriting; (6) a fee for a courier service; (7) a fee to issue a loan commitment; or (8) subject to Subsection (b), a fee for locking in an interest rate. (b) A residential mortgage loan originator may not charge or receive a fee for locking in an interest rate unless there is a written agreement signed by the mortgage applicant and residential mortgage loan originator that contains a statement of whether the fee to lock in the interest rate is refundable and, if so, the terms and conditions necessary to obtain the refund. Added by Acts 1999, 76th Leg., ch. 1254, Sec. 2, eff. Sept. 1, 1999. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 655 (S.B. 1124), Sec. 33, eff. September 1, 2011. Acts 2013, 83rd Leg., R.S., Ch. 160 (S.B. 1004), Sec. 35, eff. September 1, 2013.

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Finance Code § 156.304

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Provisions of Finance Code § 156.304

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