Credit Report Fee Disclosure

To initiate your loan application, we will order a credit report through our credit reporting provider. The fee we charge for this service will be the actual third-party cost of the credit report and, if you choose to pay by credit or debit card, an associated processing fee. This fee will be disclosed on your Loan Estimate and reflected in your cash-to-close calculation.

We do not mark up third-party third-party settlement service fees (including credit report vendor charges) beyond the amount charged by the provider. This practice is consistent with the Real Estate Settlement Procedures Act (RESPA) and Regulation X, which prohibit the charging of unearned fees or fee-splitting for settlement services where no separate bona-fide service is provided. Under RESPA § 8(c)(2), actual provider charges may be collected, but any mark-up without a separate service is an unearned fee. See 12 CFR § 1024.14 and § 1024.2(f).

Processing Company: CREDCO
Credit Report Provider Fee: $106.70
Credit Card Processing Fee (2.99% + $0.25): $3.54
Total Charged Today: $110.24

This fee is included in your disclosed closing costs and, if paid before closing, will be shown as Paid Before Closing, thereby reducing your cash needed at closing.