§ 242.18. Inspection fee.
148 words·~1 min read·
/us/cfr/t24/s§ 242.18·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The commitment may provide for the payment of an inspection fee in an amount not to exceed \$5 per thousand dollars of the commitment. The inspection fee shall be paid no later than the time of initial endorsement.
(b)In the case of mortgages where the applicant is seeking only refinancing or acquisition, the inspection fee will not exceed 10 basis points on the loan. For applicants seeking a loan for refinancing or acquisition that also involves limited rehabilitation, the commitment shall provide for an inspection fee according to the following schedule: ::: {width="100%"} ::: {.gpotbl_div} Hard cost % of mortgage amount Inspection fee limit (basis points) Less than 5% 10 5% or greater but less than 10% 20 10% or greater but less than 15% 30 15% or greater but less than 20% 40 20% or greater 50 ::: ::: \[78 FR 8343, Feb. 5, 2013\]