Wyndham Capital Mortgage.; The petition seeks a declaratory statement from the Office on whether Petitioner is allowed to charge an advance fee for locking in on a property that is “To be Determined”. The borrower would lock in and search for a ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that on January 21, 2016, the Office of Financial Regulation has received the petition for declaratory statement from Wyndham Capital Mortgage. The petition seeks the agency’s opinion as to the applicability of Chapter 687, Florida Statutes, and Section 687.14(1), Florida Statutes, as it applies to the petitioner.

The petition seeks a declaratory statement from the Office on whether Petitioner is allowed to charge an advance fee for locking in on a property that is “To be Determined”. The borrower would lock in and search for a property. The Advance fee would be .250% of the proposed loan amount. The Advance fee would not be refunded under these circumstances. [a) The borrower chooses to NOT close their loan with Wyndham Capital Mortgage; b) The borrower does not provide complete and accurate credit information to Wyndham Capital Mortgage; and c) The borrower chooses a different loan product, property address, or initiates a float down / renegotiation request.]

A copy of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone] by February 12, 2016.