A Texas high-cost closing charges $450 for a survey that was never ordered and never performed. May the lender charge for a survey the borrower never received?
Correct Answer
A) Prohibited: no charge for a service or product the borrower never got
In connection with a high-cost home loan a lender may not charge a borrower an amount for a service or product if the borrower does not receive it. Other choices: a refund 30 days later does not make the charge lawful when made; disclosure of a charge for nothing is still a charge for nothing; and the points and fees test decides coverage rather than whether this fee is permitted. Source: Tex. Fin. Code sec. 343.206
Why This Is the Correct Answer
In connection with a high-cost home loan a lender may not charge a borrower an amount for a service or product if the borrower does not receive it. Other choices: a refund 30 days later does not make the charge lawful when made; disclosure of a charge for nothing is still a charge for nothing; and the points and fees test decides coverage rather than whether this fee is permitted. Source: Tex. Fin. Code sec. 343.206
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