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Just watched the recording from Nov. 13th-14th session.
Need clarification on page 4 of the materials for Fees Imposed by a Person-Positive Example.
I understand that if we get a borrower’s credit card number we can only collect the credit report fee prior to providing the borrower with the loan estimate and getting their intent to proceed. Once the borrower has received the loan estimate and the bank has received the borrower’s intent to proceed then we can collect other fees such as processing fee or appraisal fee. In order to use the borrower’s credit card number that was provider earlier what separate authorization do we need to get? Do we need a authorization form signed?
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