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Florida Regulation Of Trade, Commerce, Investments, And Solicitations Code Section 494.0042 - Mortgage Brokerage And Mortgage Lending - Brokerage fees.

Legal Research Home > Florida Lawyer > Regulation Of Trade Commerce Investments and Solicitations > Florida Regulation Of Trade, Commerce, Investments, And Solicitations Code Section 494.0042 - Mortgage Brokerage And Mortgage Lending - Brokerage fees.

Title XXXIII   REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 494   MORTGAGE BROKERAGE AND MORTGAGE LENDING

494.0042  Brokerage fees.--

(1)  A mortgage brokerage fee earned by a licensee, pursuant to ss. 494.003-494.0043, is not considered interest or a finance charge under chapter 687.

(2)  A person may not charge or exact, directly or indirectly, from the mortgagor a fee or commission in excess of the maximum fee or commission specified in this section. The maximum fees or commissions that may be charged for mortgage loans are as follows:

(a)  On a mortgage loan of $1,000 or less: $250.

(b)  On a mortgage loan exceeding $1,000 and not exceeding $2,000: $250 for the first $1,000 of the mortgage loan, plus $10 for each additional $100 of the mortgage loan.

(c)  On a mortgage loan exceeding $2,000 and not exceeding $5,000: $350 for the first $2,000 of the mortgage loan, plus $10 for each additional $100 of the mortgage loan.

(d)  On a mortgage loan exceeding $5,000: $250 plus 10 percent of the entire mortgage loan.

For the purpose of determining the maximum fee, the amount of the mortgage loan is based on the amount of mortgage loan actually funded exclusive of the authorized maximum fees or commissions.

(3)  At the time of accepting a mortgage loan application, a mortgage brokerage business may receive from the borrower a nonrefundable application fee. If the mortgage loan is funded, the nonrefundable application fee shall be credited against the amount owed as a result of the loan being funded. A person may not receive any form of compensation for acting as a mortgage broker other than a nonrefundable application fee, a fee based on the mortgage amount being funded, or a fee which complies with s. 494.00421.

History.--ss. 29, 50, ch. 91-245; s. 4, ch. 91-429; s. 12, ch. 95-313.

Last modified: November 21, 2006