Wyndham Capital Mortgage; The petition sought a declaratory statement from the Office on whether Petitioner is allowed to charge an advance fee as defined under section 494.0042(3), Florida Statutes, for locking in on a property that is “To be ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office Financial Regulation has declined to rule on the petition for declaratory statement filed by Wyndham Capital Mortgage on January 21, 2016. The following is a summary of the agency’s declination of the petition:

The petition sought a declaratory statement from the Office on whether Petitioner is allowed to charge an advance fee as defined under section 494.0042(3), Florida Statutes, 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 c) The borrower chooses a different loan product, property address, or initiates a float down / renegotiation request. April 11, 2016 – Final Order issued. Denied. Petitioner does not provide necessary and adequate facts relating to its proposed circumstances

A copy of the Order Declining 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] or [e-mail].