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Old 06-05-2012, 06:00 PM
 
41 posts, read 350,165 times
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Broker is offering to pay for third party costs (lender fees, title, endorsements, recording, wire, letter, etc) saying she is paying out of her compensation. However, on the GFEs (from broker and the bank) it all shows up as lender credit, with estimated charges being a few hundred dollars more than they will be, enough to pay for appraisal and more. She says the unused money is her compensation, so it can't be used towards appraisal.

Does that sound right? I thought every dollar listed on GFE is to be used towards my closing costs, appraisal, escrow, interest on a new loan... She says it's not true when it comes to brokers, since she is paying for it out of her compensation.

Thanks

Last edited by Nikon5400; 06-05-2012 at 07:12 PM..
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Old 06-07-2012, 05:58 AM
 
Location: MID ATLANTIC
8,050 posts, read 19,721,628 times
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Not necessarily.

But word of advice: Find someone you want to work with soon. If rates stay this low, you'll have trouble with return calls. Compare at least one other estimate and make allowances that the market has changed a bit in the past 72 hours, so one lender's quote may be higher (so call back lender #1 and ask for an update). Calls are coming in from folks we refinanced just a year ago.........crazy days.
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Old 06-07-2012, 05:17 PM
 
41 posts, read 350,165 times
Reputation: 23
But is it true that brokers get to keep unused lender credit listed on GFE?
Thanks
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