5 Del. Admin. Code § 2103-2.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 2103-2.0 - Licensee Compensation

2.1 A licensee may receive any form of compensation that is allowed under 5 Del.C. Ch. 21, and not prohibited by any applicable federal statute or regulation. For the purposes of this section, compensation means the transfer of any "thing of value" as defined in the Federal Real Estate Settlement Procedures Act, as amended and the regulations thereunder, and does not require transfer of money.

2.2 Compensation cannot exceed any maximum allowed by any applicable State or federal statute or regulation.

2.3 Charges for fees paid to a third-party cannot exceed the amount paid to that party for the particular service provided. Average charges for fees paid to third parties are permissible provided they are calculated in accordance with the Federal Real Estate Settlement Procedures Act, as amended, and the regulations thereunder.

2.4 All forms of compensation that a licensee receives from an applicant or borrower must be specified in the licensee's agreement with that customer for a licensee to receive payment. This specification must include a description of each fee to be received, including but not limited to, credit report fees and loan origination fees.

2.5 The total compensation charged by a licensee shall not exceed the value of the goods and services provided.

5 Del. Admin. Code § 2103-2.0

17 DE Reg. 994 (4/1/2014) (Final)