Sec. 156.304. FEE ASSESSMENT AND DISCLOSURE. (a) Before the completion of all services to be performed, a residential mortgage loan originator sponsored by and conducting business for a licensed or registered residential mortgage loan company under this chapter may charge and receive, unless prohibited by law, the following fees for services in assisting a mortgage applicant to obtain a residential mortgage loan: (1) a fee to obtain a credit report; (2) a fee for the appraisal of the real estate; (3) a fee for processing a residential mortgage loan application; (4) a fee for taking a residential mortgage loan application; (5) a fee for automated underwriting; (6) a fee for a courier service; (7) a fee to issue a loan commitment; or (8) subject to Subsection (b), a fee for locking in an interest rate. (b) A residential mortgage loan originator may not charge or receive a fee for locking in an interest rate unless there is a written agreement signed by the mortgage applicant and residential mortgage loan originator that contains a statement of whether the fee to lock in the interest rate is refundable and, if so, the terms and conditions necessary to obtain the refund.
‹ Prev All Texas sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.