New Hampshire Revised Statutes 397-A:16 – Lender’s Rights and Broker’s Rights
Current as of: 2023 | Check for updates
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I. Mortgage bankers, mortgage brokers, or mortgage servicers may charge fees and points for services rendered in conjunction with the origination, closing, and servicing of loans. If any fee is collected in advance of the closing of the loan, the mortgage banker or mortgage broker shall provide the borrower with a written explanation of the purpose and disposition of the fee. A mortgage banker or mortgage broker may charge an application fee which may include the direct costs incurred by the mortgage banker or mortgage broker for processing an application, and for a real estate appraisal, a credit bureau report, or income verification, or other third party services.
II. Persons subject to provisions of this chapter shall comply with the provisions of RSA 479, relative to foreclosure.
III. Pursuant to N.H. Rev. Stat. § 397-A:3, only mortgage brokers, mortgage bankers, mortgage originators, and mortgage servicers licensed under the provisions of this chapter shall be entitled to compensation for services rendered.
IV. In order to issue rate lock commitments, a licensee shall comply with rules adopted by the commissioner.
II. Persons subject to provisions of this chapter shall comply with the provisions of RSA 479, relative to foreclosure.
Terms Used In New Hampshire Revised Statutes 397-A:16
- Appraisal: A determination of property value.
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- real estate: shall include lands, tenements, and hereditaments, and all rights thereto and interests therein. See New Hampshire Revised Statutes 21:21
III. Pursuant to N.H. Rev. Stat. § 397-A:3, only mortgage brokers, mortgage bankers, mortgage originators, and mortgage servicers licensed under the provisions of this chapter shall be entitled to compensation for services rendered.
IV. In order to issue rate lock commitments, a licensee shall comply with rules adopted by the commissioner.