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Lender wants full application for fees worksheet

I emailed a lender to send over an initial fees worksheet (not GFE) for a certain rate, but they refused saying that I need to fill out the full application online before they would send a "Fees Worksheet". I really don't want to fill out another app and submit my SS# for them to do a credit check. I don't know why they can't just send me a fees worksheet without me submitting a full application. I sent them my current loan amount, LTV, credit score, etc., but they refused unless I did a full application. This company I'm dealing with says they are the actual lender not a broker. Their rates seem to be so much better compared to other brokers I've talked to.Is this a lender I should be dealing with or not? If they can't send me a simple fees worksheet should I even consider them creditable? by rogerb from Temecula, California. Aug 8th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

A Fees Work Sheet has a lot of info on it and needs a lot of info to put in. Generally a Fees Worksheet is the old fashioned GFE. A mortgage company will not generally just give that out unless you are applying for a loan. Instead ask them what a typical closing would cost you based on a certain loan amount and give them your estimated credit score. We would love to get you some estimates but we do not lend in your state. We do have contacts in CA if you let us know we can get you their info.

Aug 8th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

My guess is that their "rate" might be better than what you have seen elsewhere, however the "Fee's" will be much higher.. So they don't want you to see the "Fee's" until you are committed to apply with them... I give out IFW's all the time because I am comfortable with the fee's we charge and know that they are very competitive.. Other lenders might not feel the same.. Some lenders will advertise a certain "Low Ball Rate" to get the phone to ring.. Much like that one car in the newspaper that's for sale for $14,999, when there's only one and it has no A/C.. Don't be fooled by these tactics.. You shouldn't have to do a full up application to get an estimate.. My estimates are "Subject To.. " Good credit, no foreclosures, etc.. So I'm not committed unless they meet the qualifications.. Also.. You will get a MUCH better deal by using a broker. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Aug 8th 2012
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Patrick McCarthy (PatrickM)
#22 ranked lender in Ohio - 196 contributions

Many lenders are no longer using software that is not compliant with the new regulations. The newer versions of loan origination software require you to take a complete application in order to get any documents printed out. It could also be that it is the lender's policy to insure you are serious. That being said, the biggest concern should be the lender fees and rate when you are shopping, as the rest will be almost identical no matter what lender you use.

Aug 8th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Your problem is that you fail to understand that what you are asking for requires the issuance of a Good Faith and a Truth in Lending Disclosure statement. In today's regulated lending world, I would not send out a fee sheet without a GFE & TIL. I would not send out a GFE & TIL without enough information to make sure the information I am disclosing is accurate. Otherwise either I am not in compliance or the information you are getting is worthless. Neither is acceptable. Two days ago you were asking virtually the same question and I told you then that "Based on today's disclosure requirements, a GFE/TIL provided without all the facts is as good as TP. In order to accurately disclose your true costs, which includes rates and fees, a competent Loan Originator will need all of your facts. Rates are driven by property type, credit score, geographic area and other factors. Programs, which are driven by type of HARP, can also impact rates and fees." I stand by my answer. If the lender you are trying to get fees from is telling you that you must complete and application (so he can get you a GFE/TIL), then they are acting professionally and ethically. If you don't want to complete an application to get it, then you won't get it from him. You either need to comply with his reasonable request so he can stay compliant or you need to keep looking for someone that is willing to cut corners. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Aug 8th 2012
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TED CANTO (themobilemortgagepro)
#89 ranked lender in Arizona - 5 contributions

Hi Roger,You not only get what you pay for but what you experience. Saving a few bucks here or there may or may not be worth the aggravation for some however I will give you a quote if you send me your criteria.. I don't mind doing that. I am licensed and do a lot of business in Cali and know the area well as I use to live there and still travel there for business. If you would like, send me the info at ted@tedcanto.com

Aug 8th 2012
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

Hey Roger,In today's market rates and fees can vary so much depending on a lot of factors so some lenders dont want to give fees and rates on a file that they have not seen the whole picture. That being said you should be able to get a general ball park of fees and rate from them with out giving a full app. There might be a feeling of if we have the full file he is less likely to keep shopping for the exact reasons you state of not wanting to have your credit pulled again and the such.

Aug 8th 2012
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Hello Roger, with the DODD-FRANK passing and the new required licensing of NMLS, we are required to stand behind and honor our GFE and FEE sheet unless there was a CIC change in circumstance like the value coming in different etc. I would be more than happy to explain to you the cost and my breakdown will be extremely close. However, getting a "complete" X-Ray of your situation will insure and excellent protocol whereas you will not have any surprises or hiccups at the end. jrichardson@instantcapital.com

Aug 8th 2012
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Home Benefit (HomeBenefit)
#630 ranked lender in California - 4 contributions

We can provide a Fees Worksheet without a credit pull or full app. Of course we'll need to go over some items at a minimum. If you like our rates, please contact, posted: http://www.homebenefit.com/our-rates/

Aug 8th 2012
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Justin Brown (justin_900_440)
#648 ranked lender in California - 23 contributions

Hi Roger, I would be more than happy to provide you with a initial fees worksheet based on preliminary information. I am a local so cal broker and typically find that my rates are the same or better than what even discount lenders such as Cash Call offer. I will usually send my clients quotes, with comparisons to what my competition is offering so they can see that I put my best foot forward and try to always give a great deal to match the great service.

Aug 8th 2012
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William,They indicate of having a flat total lender fee of $1K and no other lender fees (i.e. underwriting, credit report, tax services, funding fee, application fee) except of course 3rd party fees. This fee is based on loan amounts of at least $165K. I checked their daily rate sheet and they advertise the same thing so it seems to be legit. Just don't know why then they are reluctant to send me an initial fees worksheet.

Aug 8th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Each lender is different with what they require.

Aug 8th 2012
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I'll send you a net sheet outlining all costs to do your loan including rates, fees, pricing. Go to www.mortgagewholesale.com

Aug 11th 2012
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