What is a finance charge 111814 stmpartners
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SunTrust Correspondent Division
What is a Finance Charge?
The following list contains EXAMPLES of settlement charges which SunTrust considers Finance
Charges under the Truth in Lending Act (TILA) and Reg. Z. The list is NON-INCLUSIVE, is subject
to change and does not purport to specify all items which could be considered Finance Charges.
This list shall not be construed as legal advice. All Correspondent Client are advised to consult
with legal counsel for compliance with TILA and Regulation Z.
Finance Charges Not Finance Charges
SunTrust Mortgage, Inc. considers charges for the SunTrust Mortgage, Inc. considers the following loan
following to be finance charges, regardless of the name costs are not finance charges under the definitions of
of the fee, if paid by the borrower. Reg Z ? 226.4(c)(7). Any fee for a function or service not
Application fees charged to all applicants listed is a finance charge.
Appraisal fee for an appraisal done after closing, Title insurance (includes exam, review, abstract,
such as the final appraisal on a Construction-to- binder, date-down/title updates, lien searches,
Permanent loan surveys, endorsements)
All lender fees Document preparation
Settlement agent fees, whether charged by an Credit report
attorney, title or a third-party settlement agent listed Appraisal
on HUD-1 line 1102 or listed on a HUD-1 Property, pest and hazard inspections
itemization/addendum or a lender internal Flood certification (one-time pre-closing only)
itemization. Tax stamps, transfer taxes, GA loan fee, sales taxes
Interest if disclosed separately
Closing Protection Letter Property taxes and escrows for them
LOL flood cert Hazard insurance (fire, flood, earthquake) and
Tax service escrows
Insurance (mortgage): PMI, FHA UPMIP and Recording fees paid to public officials
escrows, and VA Guaranty Fee. Fees paid to realtors
Any of the following, if disclosed and collected HOA dues, capital contributions, name change
separately from total lender, title or settlement costs: processing, etc.
application fees collected at closing Attorney representation of borrower at closing (fee is
lender charges including admin, processing not on HUD-1 line 1102)
lock/lock extension, funding, underwriting, Any of the following, if itemized separately from total
closing, warehouse, MERS, document review, lender, title or settlement costs:
investor services) Outside of hours closing premium (outside of hours
temporary or permanent rate buydown closing is at the borrower's request)
points/fees Debts, taxes, etc. paid at closing
d. lender's miscellaneous fees, including those Costs paid by the lender, seller, realtor or third party
paid to third parties for HOA certifications, rapid other than the borrower provided the file contains an
reporting, 4506 processing, loan processing itemization of the fees being paid by the third party.
paid to a third party. In common with standard industry practice, SunTrust
Signing fees applies general lender and third party credits first to
document review fee pay those costs which are not classified as finance
photocopy/storage/record retrieval/record charges.
courier/wire/delivery/FedEx/UPS/express Third party-paid fees may still be included in Agency
mail/e-mail/etc.* or state high-cost testing.
debt payoff/check issuance
*To be excluded from finance charge calculations, file
must contain documentation that the specific service was
requested by the borrower voluntarily.
This list is not all-inclusive. SunTrust considers that
if a fee for a service is not specifically excluded from
finance charge classification, it is a finance charge.
SunTrust Correspondent Division - What is a Finance Charge? (Revised 11-07-2014) Page 1 of 1
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