TITLE XXXV BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS
CHAPTER 397-A LICENSING OF NONDEPOSITORY MORTGAGE BANKERS, BROKERS, AND SERVICERS
Section 397-A:16
397-A:16 Lender's Rights and Broker's Rights. –
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 RSA 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.