| (a) Generally. On or before the closing of a secondary mortgage loan, an authorized lender may collect any one or more of the charges set forth in Texas Finance Code, §342.308(a). (b) Administrative fee. An authorized lender may collect an administrative fee pursuant to Texas Finance Code, §342.308(a)(9) on interest-bearing and precomputed loans. (1) To determine the maximum amount of the administrative fee, an authorized lender should ascertain the amount of the cash advance of the loan. If the cash advance is more than $1,000, then the authorized lender may contract for, charge, or receive $25. If the cash advance is $1,000 or less, then the authorized lender may contract for, charge, or receive $20. (2) An administrative fee may not be contracted for, charged, or received by an authorized lender directly or indirectly on a renewal or modification of an existing obligation more than once in any 180-day period. The administrative fee may be contracted for, charged, or received in a renewal or modification if the authorized lender did not contract for, charge, or receive the administrative fee on any previous obligation within the 180-day period. (3) Interest may not be assessed, charged, or received on an administrative fee if the assessment causes the total amount of interest to exceed the maximum amount authorized under Texas Finance Code, Chapter 342. (4) An administrative fee is a prepaid interest charge and may be contracted for, charged, or received in addition to the contractual interest charge authorized by Texas Finance Code, §342.301(a). (c) Cost of credit report. An authorized lender may collect the cost paid to a consumer reporting agency to obtain a credit report pursuant to Texas Finance Code, §342.308(a)(5), but may not charge an additional fee for reviewing or evaluating a credit report. (d) Survey fees. A survey fee may be charged when a survey has been performed by a surveyor, who is registered or licensed by the Texas Board of Professional Land Surveying pursuant to Texas Occupations Code, Chapter 1071, and who is not a salaried employee of the lender. (e) Flood zone determination fees. An authorized lender may collect a flood zone determination fee when a flood zone determination is required by a federal agency. |
