TITLE 26

BANKS AND BANKING

CHAPTER 31

IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-210.  RESTRICTIONS ON FEES AND CHARGES. (1) A person subject to this part shall not require a borrower or person seeking a loan modification to pay any fees or charges prior to a residential mortgage loan closing, or prior to the completion of a loan modification, except:

(a)  Charges actually incurred by the person subject to this part on behalf of the borrower or person seeking a loan modification for services which have been rendered by third parties. These fees may include, but are not limited to, fees for credit reports, flood insurance certifications, property inspections, title insurance commitments, UCC-4 lien searches and appraisals;

(b)  An application fee;

(c)  A rate-lock fee;

(d)  A commitment fee upon approval of the residential mortgage loan;

(e)  A cancellation fee which may be charged and collected by a person subject to this part at any time either prior to the scheduled closing of a residential mortgage loan transaction, completion of a loan modification or subsequent thereto.

(2)  Any fees charged under the authority of this section must be reasonable and customary as to the type and the amount of the fee charged.

History:

[26-31-210, added 2009, ch. 97, sec. 2, p. 295.]