Answer:
Answer by Dan Persfull: They both are fees (by a different name) for administrating or processing a loan request; both would be considered finance charges.
Answer:
Answer by Andy Zavoina: Depending on the loan product, this may also be the result of a state law controlling the fees allowed. One state may allow an admin fee on a loan type and another may allow a processing fee. They may be for the same thing, as Dan noted, and it is simply what it is called either by the state, or the lender. "A rose by any other name..."
First published on BankersOnline.com 10/17/2005
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