5 Del. Admin. Code § 2103-3.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2103-3.0 - Charges Permissible Prior to Receipt of a Written Commitment

3.1 A licensee may collect the following charges prior to the receipt of a written commitment from a lender:

3.1.1 Credit Report Fee: The fee charged for all credit reports obtained from credit reporting agencies;

3.1.2 Appraisal Fee: The fee charged for a written report as to the value of the security tendered;

3.1.3 Rate Lock Fee: Fees for the commitment of a specific interest rate to be held for a specified period of time may be collected in accordance with a signed agreement if the fees are paid to the lender.

3.1.4 Title Insurance Premiums and Title Services Fees: The premium for lender's title insurance and related endorsements. At the request of the borrower, such amount may include owner's title insurance and related endorsements in addition to lender's coverage. The fees for title services include the cost of the title commitment, certificate, search, examination, binder and direct compensation paid to the agent and the underwriter;

3.1.5 Third-Party Fees: Other bona fide third-party fees paid or incurred on behalf of the customer. These other fees shall not be incurred without the express permission of the customer; and

3.1.6 Returned Check Charges: Charges for returned checks and for the denial of electronic account debits are limited to the amount specified in the licensee's agreement with its customer. A customer may be assessed only one such charge per item.

3.2 Amounts collected in excess of actual charges shall be refunded to the customer, and actual charges that exceed amounts collected may be charged to the customer.

5 Del. Admin. Code § 2103-3.0

17 DE Reg. 994 (4/1/2014) (Final)