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Old 09-03-2008, 10:04 PM
 
1 posts, read 2,973 times
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Can anyone give me some insight. My loan broker wants me to cut him a personal check from cash that I am getting back at close for " fee's he forgot to include". Apparently this has happened in the past with other clients. I taught it was all good until I started thinking about it. Please if anyone has any idea if this sounds right??
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Old 09-03-2008, 10:33 PM
 
576 posts, read 1,584,111 times
Reputation: 394
tell him to put the fees in writing and ask him to include explanations for why they were not charged in the first place. Then, ask him for his boss's phone number so you can discuss these fees with the boss, and determine whether or not these fees or legit, and then after that, you can still decide whether or not you want to pay.

If he balks at any of these requests, then he's full of it and trying to bilk more money out of you.
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Old 09-04-2008, 01:33 AM
 
Location: Dallas/Fort Worth, Texas
4,128 posts, read 13,159,471 times
Reputation: 2527
Quote:
Originally Posted by fsweetland View Post
Can anyone give me some insight. My loan broker wants me to cut him a personal check from cash that I am getting back at close for " fee's he forgot to include". Apparently this has happened in the past with other clients. I taught it was all good until I started thinking about it. Please if anyone has any idea if this sounds right??
*RED FLAG!* Sounds like fraud. Any money exchanged has to be on the settlement statement, aka HUD1. If you haven't closed he can still add the fees on there. You will actually sign a paper that says that there is no verbal agreement between you and the lender at closing.

If you closed and the fees were omitted, that's his loss.

Naima
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Old 09-04-2008, 07:38 AM
 
27,441 posts, read 44,934,740 times
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definitely don't think this is kosher--sounds like kickback
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Old 09-04-2008, 09:01 AM
 
Location: Austin
7,077 posts, read 16,885,085 times
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It's amazing the amount of fraud lenders are still trying to get away with even with the microscope over them. Do not ever write a personal check to anyone but the title company when you are closing on a home (except home inspection and appraisal as those are to a third party not a lender).
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Old 09-04-2008, 09:05 AM
 
4,304 posts, read 11,122,584 times
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If they made the mistake let them pay for it. If it's not on the HUD statement it's not a fee you should be paying.
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Old 09-04-2008, 09:53 AM
 
Location: North of DFW
595 posts, read 2,365,369 times
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Don't pay it!
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Old 09-04-2008, 10:09 AM
 
77 posts, read 305,785 times
Reputation: 50
I had fees left off the HUD when I closed and they wouldn't fund the loan until I paid them. To say that you don't have to pay something left off the HUD isn't entirely accurate. I tried the "it was your mistake, deal with it" plan and they threatened me with lawyers. If they made a mistake and left off fees that you had originally agreed to pay, they can ask you to sign a new HUD and close again.

Push it though and ask for a new HUD statement and to speak to their superior. I drug mine out for a month trying to make sure I wasn't being taken advantage of. Turns out I wasn't and they were just incompetent. I still came out ahead because I negotiated part of the discrepancy off.
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Old 09-04-2008, 05:14 PM
 
6 posts, read 17,707 times
Reputation: 18
what nsumner said;
all exchange of monies has to be shown on the HUD1.

& the title company draws the HUD1 closing statement according to instructions from the lender, & the lender should know what fees were to be charged.
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Old 09-04-2008, 06:01 PM
 
Location: Cary, NC
1,036 posts, read 3,627,137 times
Reputation: 503
Do not PAY. Talk to the closing agent or a real estate attorney. Your Realtor if you trust them.

If the lender left off his fees accidently, his loss for being incompetent. A lender can not request fees off the HUD and more likely than not the loan officer is pocketing this "off the books" without sharing with their company or the IRS. A HUGE issue which I saw and thought was dead, but I guess some still do it. The manager should fire the loan officer as this is both stealing from you and from the company.

If it is a third party fee like appraisal, inspector, surveyor or someone else... then the closing agent can go over it with you, provide an innvoice and you can pay them directly. That does happen although rarely, and you should pay service providers for their work.

The way it sounds though, this is shady. If that is the case.... REPORT IT!!! The FBI handles mortgage fraud, or you can go to the state's commisioner of banks or to the other supervising body. Imagine how much he is stealing from his other clients.
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