RESPA ALLOWABLE FEES TO CALCULATE THE APR
Posted in Real Estate Bloggers By Jonathan Hammmon, Friday, May 8, 2009.I am new to this blog so if this is the wrong place to post this question please advice.
I am an new Loan Officer and there is a lot of discussion what is an what is not the correct way to calculate the APR on the TIL. The discussion has "boiled" down to just what are the allowed costs of credit as defined by HUD and RESPA. The following are a list of the fees. Please say which are and which are not allowed. I understand that not all of these may be relevent in the same transaction.
1 discount points
2 origination points
3 pre-paid or interim interest
4 loan processin fees (doc prep feess)
5 underwriting fees if paid for directly by the borrower. some under writing fees are paid by the corp office from the SRP
6 YSP
7 PMI (private mortgage insurance)
8 MIP (charged by FHA)
9 title insurance premium (lender policy)
10 recording fees
11 escrow fees
12 Closing fees (for things like remote closing and notary fees
13 appraisals
14 anyother fee that a tile or escow co would charge excluding title ins premium
15 stamp tax
16 prepaid escrow researves
17 or any other fee that I have forgot to list
also can you provide correct and useable links I can go an document the advice
Thank you
Jonathan
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Submitted by Jonathan Hammmon on May 12, 2009 - 8:35am.
I really do need help with this
Submitted by Melanie McLane on May 12, 2009 - 5:03pm.
Jonathan,
I always go to the source. Check this link:
http://www.hud.gov/offices/hsg/ramh/res/sc2sectd.cfm
Good luck.