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B-230703 1 (1990-03-23)

handle is hein.gao/gaobadnsh0001 and id is 1 raw text is: / &/'.joi-tJ- The Comptroller General of the United States Washington, D.C. 20548 Decision Matterof- Roy Dye, et al. - Loan Origination Fees - Mortgage Brokers File: B-230703 Date: March 23, 1990 DIGEST 1. If an employee retains a mortgage broker who performs necessary administrative services that assist the ultimate lender in processing a loan, the employee may be reimbursed for the loan origination fees charged by both the broker and lender. The employee's total reimbursement, however, is limited to the customary fee charged by financial institu- tions in the area of the residence. Furthermore, the services of the broker must not be duplicated by the lender and must not increase the loan origination fee over what the lender would have charged in the absence of a broker having been involved. 2. The fact that an employee's loan obtained to purchase a residence at his new station includes an amount for prepaid finance charges would not affect the amount he may be reim- bursed for a loan origination fee which is charged as a percentage of the total loan. DECISION The Bonneville Power Administration (BPA) presents for our consideration five claims for loan oriqination fees charged employees incident to purchases of residences at a new duty station.l/ Four of the claims involve loan origination fees paid to mortgage brokers. The fifth concerns inclusion of prepaid finance charqes in the amount of a loan on which a loan origination fee is based. 1/ The matter was presented by the Authorized Certifying Officer, Bonneville Power Administration, Portland, Oregon.

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