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RULE §28.6Application Procedure and Requirements for Commitments by Mortgage Lenders

(a) Applicants seeking assistance under the Program must first contact a participating mortgage lender. A list of participating mortgage lenders may be obtained on the Department's website or by contacting the Department.

(b) All Applicants shall complete an application with a participating mortgage lender.

(c) Application Fees. Fees that may be collected by the mortgage lender from the Applicant relating to a mortgage loan include:

  (1) an appropriate, as determined by the Department, origination fee and/or buyer/seller points; and

  (2) all usual and reasonable settlement or financing costs that are permitted to be so collected by Federal Housing Administration (FHA), Veteran's Administration (VA), Rural Housing Services (RHS), Freddie Mac or Fannie Mae, as applicable, and other applicable laws, but only to the extent such charges do not exceed the usual and reasonable amounts charged in the area in which the home is located. Such usual and reasonable settlement or financing costs shall include an application fee as determined by the Department, the total estimated costs of a credit report on the Applicants and an appraisal of the property to be financed with the mortgage loan, title insurance, survey fees, credit reference fees, legal fees, appraisal fees and expenses, credit report fees, FHA insurance premiums, private mortgage guaranty insurance premiums, VA guaranty fees, VA funding fees, RHS guaranty fees, hazard or flood insurance premiums, abstract fees, tax service fees, recording or registration fees, escrow fees, and file preparation fees.

(d) The Department will determine from time to time, a schedule of fees and charges necessary for expenses and reserves of the housing finance division as set forth in a Board resolution.

(e) The mortgage lender must register the mortgage loan in accordance with the Department's published procedures.

Source Note: The provisions of this §28.6 adopted to be effective October 30, 2012, 37 TexReg 8504

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