Forgotten Your Password?

Need to Register?

Question Icon

What is a commitment fee? I have broker that I'm working with that is charging me this but I'm not sure what it is.

by dougj255 from Cyril, Oklahoma. Mar 9th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

As a broker myself, I have never seen a need to charge for delivering a loan commitment (approval). But, because I am not personally licensed in OK, I am not familiar with all the nuances of fees and services required in OK. This may be a customary fee that is a means of reimbursing a broker for expenses related to the origination of the loan, that may me included on the fee we charge. Unless this is a standard fee for an actual service that is charged on loans in OK, I'd challenge the charge with your Broker and require he provide you with a good explanation as to why you should pay it. If he can't, maybe you should look for a different source for your loan. If he can't, this becomes what a call a 'Because We Can Fee'. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Mar 9th 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Generally a junk fee - but I'm not familiar with Oklahoma, and it may be common in your area, It is NOT common in my area of Minnesota Wisconsin Iowa North Dakota and South Dakota. Find me at - NMLS 274132

Mar 10th 2021
Subscribe to our news feed.