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Old 11-14-2011, 06:33 AM
 
1 posts, read 1,717 times
Reputation: 11

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My husband and I are buying a Ryan Home using NVR mortgage, in order to get the incentives. As we were reviewing our good faith estimate, we noticed a few things: NVR is charging us a 1% origination fee and they are floating our rate. I've been reading up on the DoDD Frank Law and the REPSA Act, and it doesn't seem like we should be paying the 1% fee. We are not buying down our rate for that 1% either.

Anyone have advice for us? We Plan on asking our loan officer about all of this. We want to be more educated when we ask.
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Old 11-21-2011, 10:42 PM
 
167 posts, read 373,545 times
Reputation: 56
Default This is tough.

The new law, according to an few articles I found (http://www.mbaa.org/files/ResourceCe...fDoddFrank.pdf is one), keeps you from paying an origination fee that is based on the interest rate or other loan terms, such as prepaid interest or discount points (excepting the principal); and keeps the origination fee from being split with a broker. Since NVR Mortgage's origination fee isn't affecting the interest rate, that would suggest that what they're dong appears to be legal.

To me, the regs are hard to decipher because I'm a computer guy.
It won't hurt to ask either the attorney general's consumer affairs office or a real estate lawyer for help.
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