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Our consumer loan departments are looking into eSign options in order to deliver disclosures. If there is a fee associated with signing up a customer for eSign that the vendor would charge the bank, can we pass that fee along to the customer? I was thinking it falls with the processing and administrative services which include document delivery per #12 of RESPA’s Q&A. This charge would go in block 1.
Is this correct?
I would be concerned about passing this along to the consumer (see Reg X below). I believe most institutions feel it saves them money from printing and mailing paper copies.
§ 1024.12 No fee.
No fee shall be imposed or charge made upon any other person, as a part of settlement costs or otherwise, by a lender in connection with a federally related mortgage loan made by it (or a loan for the purchase of a manufactured home), or by a servicer (as that term is defined under 12 U.S.C. 2605(i)(2)) for or on account of the preparation and distribution of the HUD–1 or HUD–1A settlement statement, escrow account statements required pursuant to section 10 of RESPA (12 U.S.C. 2609), or statements required by the Truth in Lending Act (15 U.S.C. 1601 et seq. ).
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