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Hi. I refinanced recently and I noticed that the line 810 states "Broker Discount to XXXBank by XXXBroker" (58.90 p.o.c) My total loan was 292k, how much was the commission to the broker from the bank ? Thanks
yes...based on what information you gave it is impossible to know how much the broker made. I am curious, why are you interested in what he/she made? if you go to the doctors office, are you also concerned how much the doctor made? O
I think Walmart's price structure is off subject as it is a retail establishment.
OP wants to know what he was charged for a refinance, not a roll of toilet paper.
VB, as a Certified Mortgage Planner, a direct reply to his inquiry would have been refreshing.
I think Walmart's price structure is off subject as it is a retail establishment.
OP wants to know what he was charged for a refinance, not a roll of toilet paper.
VB, as a Certified Mortgage Planner, a direct reply to his inquiry would have been refreshing.
Well Heidi, if you took the time to read each post, you should clearly see i answered his question. I then simply posed a question of why he would want to know.
But obviously, you didnt read any posts. You even say he wanted to know what he was charged...The poster wanted to know how much he made in commission, not charged.. All charges attached to a mortgage loan are outlined on the good faith estimate and the HUD statement at closing. So everyone knows exactly what was charged. As a commentor on posts, it would be refreshing if you read what you commented on.
I also disagree about walmart being off subject as it is a retail establishment. Now, this might be news to you, so sit down. All banks are retail establishments! Hope that didnt blow your mind. They sell a product, a loan, the borrower at one price, loan at a higher price and make a profit. Just like walmart on that toilet paper..
I'd also like to know how much broker is making on a refinance. Having this info I'd know how much I can negotiate. Walmart prices are mostly the same throughout the country. If the cost of a loan at the same interest rate was the same, it'd be like walmart and I wouldn't care. However, when you shop for a loan you get different figures for things like fees, lender's credit, etc. Some brokers are more than willing to eat some or even all of the costs, others aren't so willing.
Just like with new cars, dealer gets holdback no matter what. I'd like to get some of it because it's my money.
As for how much doctor makes from my visit - I could care less if the insurance company pays for the bill 100%. But if my money is used (copay, hra, etc) then yes, I want to know and I'd love to know ahead of time. I and my wife went to two different doctors with the same insurance to have the same procedure done and one doctor got paid about 40% more then the other. I don't know what they billed, but the difference was quite a few dollars in copay.
Last edited by Nikon5400; 11-16-2011 at 04:41 PM..
Brokers have to disclose to the penny what they're fees are. If you don't know you are working with a lender and not a broker.
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