Indiana Code 23-2.5-1-3. “Bona fide third party fee”
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Sec. 3. “Bona fide third party fee”, with respect to a residential mortgage loan, includes any of the following:
(2) Fees for title examination, abstract of title, title insurance, property surveys, or similar purposes.
(1) Fees for real estate appraisals. However, if the residential mortgage loan is governed by Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (12 U.S.C. § 3331 through 3352), the fee for an appraisal performed in connection with the loan is not a bona fide third party fee unless the appraisal is performed by a person that is licensed or certified under IC 25-34.1-3-8.
Terms Used In Indiana Code 23-2.5-1-3
- Appraisal: A determination of property value.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) Notary and credit report fees.
(4) Fees for the services provided by a loan broker in procuring possible business for a creditor if the fees are paid by the creditor.
As added by P.L.175-2019, SEC.2.