Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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??
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.
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.
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).
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.
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.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
ght??
