Utah Code 57-28-205. Costs and repayment
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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
Terms Used In Utah Code 57-28-205
- Appraisal: A determination of property value.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) the actual amount that the lender paid for:
(2)(a) a recording fee;
(2)(b) a credit report;
(2)(c) a survey, if required by the lender or the borrower;
(2)(d) a title examination;
(2)(e) the lender’s title insurance; and
(2)(f) an initial appraisal of the real property that secures the reverse mortgage.