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B-198060 1 (1980-11-10)

handle is hein.gao/gaobadirn0001 and id is 1 raw text is: S THE COMPTROLLER GENERAL DECISION OF THE UNITED STATES WASHINGTON, D.C. 20548 FILE: B-198060 MATTER OF: M DIGEST: DATE: November 10, 1980 arcos A. Zappi -[Loan Origination Fee CLAM A transferred employee paid a lump-sum loan origination fee that was described as a charge to defray the cost of originating and processing the loan. Charges contained in such a lump-sum fee may only be reimbursed if they are excludable from finance charges under Truth in Lending Act by Regulation Z, 12 C.F.R. 226.4(e), reasonable in amount, an d itemized to show the portion of the fee allocable to each item. To the extent that a portion of the loan origination fee is not itemized and a specific amount allocable, it must be presumed to be finance charges and nonreimbursable. By a letter dated February 25, 1980, Marcos A. Zappi appealed Settlement Certificate No. Z-2818861, issued January 25, 1980, which disallowed his claim for reimbursement of a loan origination fee in the amount of $622 incurred in connection with the purchase of ? residence following a transfer of duty station. The record shows that Mr. Zappi, an employee of the Geological Survey, Department of the Interior, was transfered from'Vicksburg, Mississippi, to Lake Charles, Louisiana, on or about May 15, 1978. Incident to this transfer he purchased a residence in Lake Charles using VA financing. His agency suspended payment of his claim for a $622 loan origination fee in connection with the house purchase on the grounds that it is a finance charge. Mr. Zappi appealed this determination to our Claims Division on September 18, 1979, resulting in the aforementioned Settlement Certificate which likewise found the loan origination fee to be a finance charge. In his appeal to the Comptroller General Mr. Zappi cites two letters which he contends contradict the previous determinations. The first is a letter dated October 26, 1978, from Troy & Nichols, a private I I 'I

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