Change Date

September 15, 2004, Change 4

This section has been changed to create subsection lettering.

a. Itemized Fees and Charges

The borrower’s out-of-pocket expenses for itemized fees and charges already incurred, such as the appraisal and credit report, do not get refunded.

b. 1% Flat Fee

If the lender has already collected the 1% flat fee from the borrower, the lender must refund the fee.  This applies to a loan that does not close for any reason, including the borrower going to another lender.