For a number of years, there was a little noticed fee on each closing statement (HUD-1) in Georgia. A $6.50 fee was charged for each new loan on a property.
You an see why the fee doesn’t raise any interest because you normally focus on alot higher charges in closings and the fee goes to cover the costs for the Georgia Department of Banking and Finance (click here for GDBF website) to develop and administer rules and regulations, licensing and registration requirements, review of applications by prospective mortgage lenders in Georgia, and the review and enforcement of statues.
So why mention it? – That fee has now been raised to $10 (see form and notice of increase here). I hate it when fees are raised and no discussion is provided for the increase. Is this fee adequate to cover legitimate expenses? Does the Georgia Department of Banking and Finance deserve the fee? Do we have a “taxation without representation” situation here?
NOTE: When I called last year to mention the possibility of filing a complaint on a lender, they told me their budget was cut and didn’t have money to investigate any more complaints…
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