Which statement regarding bona fide third-party expenses for a mortgage loan is NOT true?

In the context of bona fide third-party expenses associated with a mortgage loan, the statement that is not true is that "the lender cannot collect third-party fees and must direct the applicant to pay them directly." This assertion is inaccurate because lenders often collect these third-party fees on behalf of service providers, such as appraisers or title companies, as part of the loan transaction.

When lenders facilitate the collection of such fees, it is typical for them to include these costs in the overall cost of the loan. However, to ensure compliance with regulatory standards and proper handling of funds, lenders are required to maintain clear and precise records of all funds collected, which aligns with the necessity for accurate accounting of expenses. Additionally, third-party funds are usually placed in a separate account to ensure they are accounted for correctly and used appropriately for the intended purposes. Furthermore, the lender is prohibited from retaining any portion of these fees, ensuring that the costs charged to borrowers are fair and transparent.

Overall, the role of the lender in collecting third-party fees and ensuring the proper accounting of these funds is a standard practice within the mortgage lending industry, making the incorrect option the assertion that implies lenders should not collect these fees at all.