Forgotten Your Password?

Need to Register?

Question Icon

hello, I notice there is a 5000 dollars fee from broker, the lender pays that right?

by bezito_143_861 from San Diego, California. Feb 11th 2013 Reply


Janine Bodway (Janine)
#25 ranked lender in Hawaii - 9 contributions

I highly recommend that you go over your Fee Worksheet and your Good Faith Estimate with your current Loan Officer to obtain accurate information on your loan origination fees. As others have noted, the compensation can be different. We have loans that are Borrower-paid origination or Lender-paid origination on Brokered loans and we also have correspondent loans which the borrower may pay origination/admin/processing fees, however it is possible your lender is giving you a credit back to offset some of those fees. You would see a credit on Box 2/Pg 2 of your Good Faith Estimate or a Lender credit for rate chosen on your fee worksheet or a Lender credit at the bottom of your fee worksheet. Go to your Good Faith Estimate, page 2 and look at BOX A, these are your total adjusted origination charges after all debits and credits.Janine Bodway - jbodway@acceptancecapital.com

Feb 11th 2013
2
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It really depends on what your referring to, and my guess is that you looking at a "fee's worksheet" or Good Faith Estimate, and keep in mind that the rules are different if you're dealing with a broker vs. a bank or direct lender, but the charge from the broker is a charge to you from the broker... you pay it.. The lender might give YOU a credit to offset the charge, so in effect, it cancels out. But if it's a charge with no credit then, no.. You are paying it..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 11th 2013
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,944 contributions

All loans have closing costs. Banks and direct lenders by law disclose their costs differently than brokers do. Without understanding how the disclosures work, it would appear that a brokers fees may be higher. This is not true. Brokers have to disclose some fees that lenders don't, then turn right around and give an equal credit. FOCUS ON THE BOTTOM LINE, not the numbers in between.

Feb 12th 2013
1
0
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

What is the fee and how is it being paid? Is it a FHA and the fee the UPMIP, are you doing a streamline of some sort, are you doing a NO Cost Loan? Really need some more info to give you a better answer?

Feb 11th 2013
0
0
Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

In many cases the broker will get a credit from the lender to cover any fees associated with the loan. The best thing to do, so that you are clear of all of the fees listed is give your broker a call to verify.

Feb 11th 2013
0
0
Jason Robinson (CFIsupport)
#58 ranked lender in Georgia - 106 contributions

Have you had a chance to ask your broker what the fee is?

Feb 11th 2013
0
0
Josh Lund (Josh_Lund)
#47 ranked lender in Minnesota - 113 contributions

It depends upon which document you're looking at. If you're looking at a Good Faith Estimate, is it listed under "origination charge?" If so, that would be the borrower's responsibility (you). If the lender is giving you some sort of credit to offset this charge, that would be listed as a credit to you (borrower). I would recommend just asking your mortgage broker what the fee is for. They'll let you know right away if it's their loan origination fee. If you're not comfortable with their answer, you may want to get a 2nd opinion from another mortgage consultant. Hope this helps!

Feb 11th 2013
0
0
Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

You should contact the lender you choose to work with for details on your fees.

Feb 11th 2013
0
0
Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

I would be happy to go over this with you...Just let me know..Thanks!

Feb 11th 2013
0
0
Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

i would have your loan officer explain it to you.

Feb 11th 2013
0
0
Edgar Aranda (earanda)
#753 ranked lender in California - 93 contributions

in most case that would be true. The main item to keep an eye on is how much your loan balance is increasing. If that does not impact your loan balance you should be ok to move forward.

Feb 11th 2013
0
0
Subscribe to our news feed.