57-28-205. Costs and repayment.
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Effective 5/12/2015
57-28-205. Costs and repayment.
A lender may collect the following charges and fees in connection with the origination of a reverse mortgage:
(1)the actual expenses that the lender incurs in originating and closing the reverse mortgage, including a mortgage broker's fee if the mortgage broker and the lender do not share any pecuniary interests; and
(2)the actual amount that the lender paid for:
(a)a recording fee;
(b)a credit report;
(c)a survey, if required by the lender or the borrower;
(d)a title examination;
(e)the lender's title insurance; and
(f)an initial appraisal of the real property that secures the reverse mortgage.
Enacted by Chapter 290 , 2015 General Session