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TITLE 5 BANKING
DELAWARE ADMINISTRATIVE CODE
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2200 Licensed Lenders
2203 Schedule of Charges
5 Del.C. §§2218(a) and 2231
Effective Date: April 11, 2014
1.0 Itemization of Charges
1.1 Each licensee shall maintain itemizations of the current charges that the licensee uses in consumer
transactions. The itemization shall identify all charges that the licensee may collect from its customers for a
particular type of transaction. Separate itemizations must be prepared for revolving transactions, closed-end
transactions, short term consumer loans as defined in 5 Del.C. §2227, title loans as defined in 5 Del.C. §2250,
and real estate secured transactions. Each itemization must be dated as of the most recent change in any
charge and may contain value ranges to reflect the different costs of credit that may vary with risk or rate. Each
itemization shall clearly identify the specific type of loan to which it applies.
1.1.1 For closed end transactions, separate itemizations must be prepared for short-term consumer loans as
defined in 5 Del.C. §2227 and title loans as defined in 5 Del.C. §2250.
1.1.2 For real estate secured transactions, separate itemizations must be prepared for revolving loans and
closed-end loans.
1.2 Each licensee shall furnish every applicant with a copy of the appropriate itemization of charges when the
application is made.
1.2.1 An explanation of the contents of the appropriate itemization satisfies this requirement for telephone
applications.
1.2.2 Website screens containing the appropriate itemizations satisfy this requirement for electronic
applications. The applicant must affirmatively acknowledge receipt of the appropriate screens before
completing an application.
1.2.3 A Good Faith Estimate issued in accordance with the Federal Real Estate Settlement Procedures Act, as
amended, satisfies this requirement for real estate secured transactions covered by that statute.
1.3 Each licensee that provides short term consumer loans as defined in 5 Del.C. §2227 or title loans as defined in
5 Del.C. §2250 shall prominently post its itemization of charges for those loans:
1.3.1 in plain view in an area easily accessible to its customers at the entrance to every office open to the public;
and
1.3.2 on any internet website it maintains related to those loans.
2.0 Licensee Compensation
2.1 A licensee may receive any form of compensation that is allowed under 5 Del.C. Ch. 22 and not prohibited by
any applicable federal statute or regulation.
2.2 Compensation cannot exceed any maximum allowed by any applicable State or federal statute or regulation.
2.3 Charges for fees paid to a third-party cannot exceed the amount paid to that party for the particular service
provided.
2.4 All forms of compensation that a licensee receives from a customer must be specified in the licensee’s
agreement with that customer for a licensee to receive payment.
2.5 A licensee may not receive any compensation for mortgage loan modification services as defined in 5 Del.C.
§2245 prior to the execution of a written contract that describes in detail all such services that the licensee will
perform and all compensation that the licensee will receive for those services. Any compensation that a
licensee receives in advance of the completion of all such services may not exceed $250, and a licensee’s total
compensation for such services must be limited to an amount that is customary and reasonable for those
services in this State.
3.0 Charges for Revolving Credit
A licensee may collect the following charges for revolving credit as allowed by of 5 Del.C. Ch. 22, Subch. II:
3.1 interest, including interest at variable rates;
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DELAWARE ADMINISTRATIVE CODE
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3.2 a periodic charge for privileges made available to the borrower;
3.3 transaction charges;
3.4 a minimum charge for each scheduled billing period during which there was an outstanding unpaid balance;
3.5 fees for services rendered in good faith by the licensee or its agents in connection with the loan;
3.6 reimbursement for expenses incurred in good faith by the licensee or its agents in connection with the loan;
3.7 late or delinquency charges;
3.8 attorney fees incurred by the licensee as a result of a default by the borrower;
3.9 court, alternative dispute resolution, or other collection costs (including collection agency fees) incurred by the
licensee as a result of a default by the borrower; and
3.10 returned check charges and charges for the denial of electronic account debits limited to the amount specified
in the licensee’s agreement with its customers. A customer may be assessed only one such charge per item.
4.0 Charges for Closed End Credit
A licensee may collect the following charges for closed end credit as allowed by 5 Del.C. Ch. 22, Subch. III:
4.1 interest, including interest at variable rates;
4.2 fees for services rendered in good faith by the licensee or its agents in connection with the loan;
4.3 reimbursement for expenses incurred in good faith by the licensee or its agents in connection with the loan;
4.4 late or delinquency charges;
4.5 charges for deferred installment payments;
4.6 attorney fees incurred by the licensee as a result of a default by the borrower;
4.7 court, alternative dispute resolution, or other collection costs (including collection agency fees) incurred by the
licensee as a result of a default by the borrower;
4.8 deferral charges; and
4.9 returned check charges and charges for the denial of electronic account debits limited to the amount specified
in the licensee’s agreement with its customers. A customer may be assessed only one such charge per item.
5.0 Charges for Real Estate Secured Credit
In addition to the charges allowed under §§3.0 and 4.0 of this regulation, a licensee may collect the following
charges for credit secured by residential real estate. For each separately identified charge paid to a third party,
the name of the party ultimately receiving the payment must be disclosed together with the total amount paid to
that party. Average charges for fees paid to third parties are permissible provided they are calculated in
accordance with the Federal Real Estate Settlement Procedures Act, as amended, and the regulations
thereunder.
5.1 Rate Lock Fee: The fee for the commitment of a specific interest rate to be held for a specified period of time.
5.2 Origination Charge: All fees, other than points, received as compensation for loan origination services. All loan
origination charges, including but not limited to, processing, application, administration, underwriting,
document preparation, wire, lender inspection, mortgage broker fees, and fees for loan handling, shall be
included in the origination charge.
5.3 Points: The fee charged or credit received for the specific interest rate chosen.
5.4 Appraisal Fee: The fee charged for a written report as to the value of the security tendered.
5.5 Credit Report Fee: The fee charged for all credit reports obtained from credit reporting agencies.
5.6 Tax Service Fee: The fee charged for certification of the current tax status of the security tendered, and for lifeof-loan monitoring of tax and improvement lien payments as they become due.
5.7 Flood Certification Fee: The fee paid for determining whether the security tendered is or will be located in a
special flood hazard area. The fee may also include the cost of life-of-loan monitoring.
5.8 Funding Fee: The fee charged by a governmental agency to originate and guarantee a mortgage loan.
5.9 Odd Days Interest: The interest that accrues on the principal balance of the loan between the date of
settlement or disbursement and the date of the first loan payment.
5.10 Mortgage Insurance Premium: The premium due at settlement for mortgage insurance to protect the lender or
investor from losses due to future default of the mortgage loan.
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5.11 Homeowner’s Insurance Premium: The premium due at settlement for homeowner’s hazard insurance,
exclusive of amounts collected in escrow reserves.
5.12 Credit Related Insurance Premium: The premium due at settlement for credit life, health or disability insurance.
All such insurance must be elective, and all such premiums are subject to the limitations contained in Title 18 of
the Delaware Code and applicable Insurance Commissioner Regulations.
5.13 Escrow Reserves: The amounts collected for reserves, including but not limited to, homeowner’s insurance,
mortgage insurance and property taxes. Escrow item calculations and cushions shall be subject to the
limitations specified in the United States Real Estate Settlement Procedures Act, as amended, and the
regulations thereunder.
5.14 Title Insurance Premium and Title Services Fees: The premium for lender’s title insurance and related
endorsements. At the request of the borrower, such amount may include owner’s title insurance and related
endorsements in addition to lender’s coverage. The fees for title services include the cost of the title
commitment, certificate, search, examination, binder and direct compensation paid to the agent and the
underwriter.
5.15 Attorneys Fee: The legal fees paid to an attorney who is not an employee of the licensee, its parent entity, or
other affiliate, for services to secure or close the loan. The services may include the preparation of deeds,
mortgages, notes and other services rendered to the borrower as part of the transaction.
5.16 Government Transfer Taxes and Recording Fees: The taxes and fees paid to local and state governments for
the transfer of real estate and for the recording of documents associated with the transaction.
5.17 Property Survey Fee: The fee to obtain a drawing that delineates the exact boundaries of the security
tendered, including lot lines and placement of improvements on the property.
5.18 Inspection Fees: The fee for a written report as to the physical condition of the security tendered, including but
not limited to, pest inspections, lead-based paint inspections, radon inspections, structural inspections and
inspections of heating, plumbing or electrical equipment. Inspection fees may include fees for insurance or
warranty coverage, provided such insurance or coverage is itemized separately.
5.19 Prepayment Charges: The fee imposed in connection with the payoff and termination of a revolving credit plan
or closed end loan.
5.20 Incidental Closing Fees: The fee for any other necessary and appropriate settlement service such as an
assumption fee. Such fee must be actually incurred and specifically identified and itemized.
6.0 Disbursements to Mortgage Loan Brokers
A licensee shall disburse funds to a mortgage loan broker only in accordance with the broker’s agreement with its
customer.
7.0 Miscellaneous
Notwithstanding the provisions of this regulation, licensees who make mortgage loans pursuant to the rules,
regulations, guidelines and/or loan requirements established by State of Delaware or federal governmental or
quasi-governmental entities (including, without limitation the Federal Housing Administration, the Department
of Veterans Affairs, the Farmers Home Administration, the Government National Mortgage Association, the
Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation or their
successors) may charge any fees permitted under a lending program conducted or supervised by any such
entity.
3 DE Reg. 653 (11/01/99)
17 DE Reg. 994 (04/01/14)
Louise Thaxton has been in the mortgage business for 23 years, 20 of those years with Fairway Independent Mortgage Corporation, as a producing regional manager, with offices across Louisiana, Texas, and Colorado. Louise was named as one of the Top Women Originators in America for 2018 by Scotsman Guide, was included in the top 100 Minority Mortgage Bankers of America (NAMMBA) for 2018, and named by National Mortgage Professional Magazine as one of the “Best Military Lenders and Originators”. She is the National Director of the Military Mortgage Specialist, a designation exclusive to loan professionals of Fairway Mortgage, which trains and equips loan professionals on working with military clients. Louise is a national advocate for America’s veterans and is the Director and co-founder of the American Warrior Initiative, the non-profit of Fairway, leading the way for hundreds of initiatives for veterans in need across the country, inspiring millions of dollars in donations to fund those initiatives
As a first time home owner I had no idea what to expect. Louise and team held my hand each step of the way and kept me in the loop throughout the entire process. Their patience and professionalism is greatly appreciated.
- Michael J.
Greenville, MS Aug 4, 2020
The online signing and transactions made it an easy process.
- Nicole L.
Walker, LA Jul 28, 2020
Everyone was so responsive. We had no trouble getting explanations for anything and so much help.
- Laurie K.
Hueytown, AL Jul 17, 2020
Great communication, and very willing to help at every step of the process.
- Benjamin D.
Sterlington, LA Jun 4, 2020
- Rhett V.
Plaquemine, LA May 21, 2020
Our Loan Officer quit the company about 2 weeks before our closing. Louise and her team in Lousiana picked up the ball and closed our loan on time in Arkansas. I would like to thank Kristina as well, she was our contact.
- Shelton C.
Little Rock, AR Jan 10, 2020
Very professional and pleasant to work with. Very accommodating throughout the process.
- JoElla C.
Little Rock, AR Jan 10, 2020
Our GREAT experience with Fairway was working with Louise Thaxton and Mona Westbrook. Louise was so helpful, explaining how Fairway works and she placed us in good hands with Mona Westbrook. Both were very sweet and helpful. Mona Westbrook explained every step along the way of getting pre-qualified before we found our home and explained through the process of getting financed when we found the home we wanted to buy. We were financed due to Mona's knowledgeable experience. Thank You so Much!
- Mary B.
Many, LA Nov 14, 2019
That I was told what was being done each step of the way and I felt that I welcome to call whenever I had any questions or concerns.
- Lynette L.
Leesville, LA Nov 13, 2019
I appreciate that everything was done in a timely manner, and Mona kept communication with us the entire time. I never had to wonder what was going on, because I was kept informed through the entire process. It went a lot quicker than I expected.
- Jessica A.
Florien, LA Sep 25, 2019
I was kept in loop during every step of process. Even when I was in doubt about the contract going forward I was told to remain positive and everything would be just fine
- David F.
Florien, LA Sep 25, 2019
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- Frank C.
Navarre, FL Jul 11, 2019
great experience
- Stanley G.
Baton Rouge, LA Jun 22, 2019
Mona Westbrook was WONDERFUL. So extremely helpful, and always just a text or a phone call away. Very proficient and quick! We have been telling everyone how wonderful and easy she and Fairway makes purchasing our second home with yalls help!
THANK YALL ❤️ from Colton and shelly windham
- Shelly W.
Florien, LA Jun 2, 2019
Thanks for an easy transaction.
- James G.
Austin, TX May 8, 2019
Great experience with Fairway Mortgage. I liked that we were guided through every step of the process. The Fairway Mortgage App made delivering documents back a forth a breeze. We would highly recommend Fairway Mortgage.
- Katie G.
Austin, TX May 7, 2019
Excellent service,detail and proficient. Highly recommended.
- Linda G.
New Llano, LA May 2, 2019
Friendly,professional, everyone went above and beyond to make sure our purchase went smoothly. Plus you guys chipped in some monies for the closing cost. We didn't expect that to happen. Truly family oriented and trust worthy company. Thank you so much.
- Christopher S.
Leesville, LA Mar 31, 2019
Excellent communication, Professional and Friendly Service.
They take the stress out of seeking financing for your home.
- Edford F.
Mountain Home, AR Mar 29, 2019
Ease, and convenience, constant engagement
- Eric L.
St Rose, LA Feb 17, 2019
I’ve purchased 7 properties in the last 5 years this has been the easiest from application to closing.
- Jewana L.
St Rose, LA Feb 17, 2019
- Daniel H.
Deridder, LA Jan 15, 2019
My husband and I were on a very tight timeline for buying our house and she worked with us to expedite the process. Highly recommend
- Robyn H.
Deridder, LA Jan 15, 2019
Very smooth transition! Couldn't be happier with how easy they made this whole process for me and husband!
- Hunter H.
Phenix City, AL Dec 23, 2018
Louise Thaxton was very helpful and responded quickly to my many questions.
- Victoria S.
Deridder, LA Oct 1, 2018
The entire experience buying our first home was smooth and pleasant. This team is great.
Whether you’re looking to buy, build or refinance your home, our experienced mortgage professionals are here to help. Here at Fairway Independent Mortgage Corporation, we offer a variety of loan options that can help you achieve homeownership with the speed and service you deserve. Plus, our mortgage professionals are dedicated to finding the right loan with great rates, terms and costs to meet your specific needs.
Financing a home is one of the biggest commitments you will ever make - let us help guide you throughout the entire loan process from application to closing and beyond. We look forward to putting our mortgage service to work for you!
Why Fairway?
It's our goal to exceed your expectations, guarantee your satisfaction, and earn your trust.
