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B-215334 1 (1984-10-24)

handle is hein.gao/gaobadlzg0001 and id is 1 raw text is: THE COMPTROLLER GENERAL OKEISION Op THE UNITEO STATE8 WAUHINGTON. 0.C. 2054U FILE: B-215334 DATE: October 24, 1984 MATTER OF: Erling Steven Lye DIGEST: An employee who purchased a home at his new duty station is not entitled to reimbursement of a loan origination fee since the fee is a finance charge that may not be reimbursed under the regulations in effect at the date of the employee's transfer. Although the lender itemized the fee, that itemization shows that the fee covered the administrative expense of issuing the loan as opposed to costs excluded from the definition of finance charges and generally incurred for the purchase of a home without regard to the manner in which that purchase was financed. Mr. Erling Steven Lye, an employee of the Veterans Administration, appeals an adverse settlement of our Claims Group denying his claim for reimbursement of a Veterans Administration loan application fee charged by the lending institution financing the purchase of his home at his new duty station. 1/ Since the charge was in the nature of a loan originatTon fee not reimbursable under regulations in effect at the time of the transfer, we sustain the Claims Group's settlement. Background Mr. Lye was transferred from Irmo, South Carolina, to Minneapolis, Minnesota, on February 21, 1982. He subsequently purchased a home near Minneapolis. The settlement sheet he was furnished on July 29, 1982, in connection with the closing of that purchase lists a 1 percent fee of $940 charged to him as the purchaser. Mr. Lye claims that he is entitled to reimbursement of the $940 charge based on the lender's explanation that the charge is a Veterans Administration loan application fee, and that it covers the following: 1/ Claims Group settlement certificate Z-2850255, June 30, 1983.

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