§ 6.1-330.70. Fees and charges in connection with loans by real estate lenders; certain borrowers not to be requi...
A. A lender engaged in making real estate mortgage or deed of trust loans, other than loans subject to the provisions of §§ 6.1-330.71 and 6.1-330.72, may charge or collect in advance from the borrower a loan fee as agreed between the parties. Such a lender also may require the borrower to pay the reasonable and necessary charges in connection with making the loan, including the cost of title examination, title insurance, recording and filing fees, taxes, insurance, including mortgage guaranty insurance, appraisals, credit reports, surveys, drawing of papers and closing the loan.
B. In the case of loans secured by deeds of trust or mortgages on one to four family residences, the lender may not require the borrower to use the services of a particular attorney, surveyor or insurer. However, the lender shall have the right to approve any attorney, surveyor, or insurer selected by the borrower, provided such approval is not unreasonably withheld. Any lender in compliance with regulations promulgated by the Federal Home Loan Bank Board relating to loan services and fees as in effect on July 1, 1977, shall be deemed to be in compliance with this subsection.
C. The fees and charges permitted by this section and other sections of this chapter are in addition to those permitted by § 6.1-330.69 and may be added to the principal of the loan, and shall not be considered in determining whether a loan contract is usurious.
(1987, c. 622; 1990, c. 3.)
Sections: Previous 6.1-330.64 6.1-330.65 6.1-330.66 6.1-330.66:1 6.1-330.67 6.1-330.68 6.1-330.69 6.1-330.70 6.1-330.71 6.1-330.72 6.1-330.73 6.1-330.74 6.1-330.75 6.1-330.76 6.1-330.77 NextLast modified: April 16, 2009