At application a mortgage broker takes a nonrefundable application fee. The loan later funds. What does the statute require, and what else may the originator be paid?
Correct Answer
D) The fee is credited against the amount owed on funding, and no other form of compensation is allowed
Section 494.0042(3) allows a nonrefundable application fee at the time of accepting the application, requires it to be credited against the amount owed if the loan funds, and limits compensation for acting as a loan originator to that nonrefundable application fee or a fee based on the mortgage amount funded. Source: Fla. Stat. § 494.0042(3)
Why This Is the Correct Answer
Section 494.0042(3) allows a nonrefundable application fee at the time of accepting the application, requires it to be credited against the amount owed if the loan funds, and limits compensation for acting as a loan originator to that nonrefundable application fee or a fee based on the mortgage amount funded. Source: Fla. Stat. § 494.0042(3)
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