Section 205 – Costs and repayment.

Effective 5/12/2015
57-28-205. Costs and repayment.
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

• (2) the actual amount that the lender paid for:
  • (a) a recording fee;
  • (b) a credit report;
  • (c) a survey, if required by the lender or the borrower;
  • (d) a title examination;
  • (e) the lender’s title insurance; and
  • (f) an initial appraisal of the real property that secures the reverse mortgage.

Enacted by Chapter 290, 2015 General Session