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.]
Structure Idaho Code
Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT
Part 2 - PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS
Section 26-31-201 - DEFINITIONS.
Section 26-31-202 - EXEMPTIONS.
Section 26-31-203 - UNLAWFUL ACTS.
Section 26-31-204 - POWERS AND DUTIES OF DIRECTOR.
Section 26-31-205 - REMEDIES AVAILABLE TO THE DEPARTMENT.
Section 26-31-206 - LICENSE TO DO BUSINESS AS A MORTGAGE BROKER OR MORTGAGE LENDER.
Section 26-31-207 - REVOCATION OR SUSPENSION OF LICENSE.
Section 26-31-208 - RECORDS — REPORTS — RENEWAL AND REINSTATEMENT OF LICENSE.
Section 26-31-209 - EXAMINATION AND INVESTIGATIONS.
Section 26-31-210 - RESTRICTIONS ON FEES AND CHARGES.
Section 26-31-211 - PROHIBITED PRACTICES OF MORTGAGE BROKERS AND MORTGAGE LENDERS.
Section 26-31-212 - RESERVE ACCOUNTS.