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Calculating the Finance Charge
Costs included in the finance charge include:
� Charges to a third party, if the creditor requires the use of services offered by a third party or retains a portion of the third party charge.
� Closing agent charges, if the creditor requires the particular service, requires the charge for the service, or retains a portion of the charge,
� Fees which a consumer pays to a mortgage broker, lender, finance company or banker even if the creditor does not retain a portion of the charges.
Third Party Fees Included in the Finance Charge
Regulation Z lists the following charges from third parties as examples of fees and amounts which the creditor must include when calculating the finance charge:
- Interest, time price differential, and any amount payable under an add-on or discount system of additional charge
- Service, transaction, activity, and carrying charges
- Points, loan fees, assumption fees, finder's fees, and similar charges
- Appraisal, investigation, and credit report fees
- Premiums on insurance protecting the creditor against the consumer's default
- Charges imposed on a creditor by another person for purchasing or accepting a consumer's obligation
- Premiums or other charges for credit life, accident, health, or loss-of-income insurance, written in connection with a credit transaction.
- Premiums for homeowner and liability insurance written in connection with a credit transaction
- Discounts for the purpose of inducing payment by a means other than the use of credit.
- Debt cancellation fees.
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