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Based on the updated estimate he gave me with the corrected FHA Funding Fee it seems he will make just over $1,000 ($1,010.00 by my count)
this seems reasonable considering the Realtor will make $13,293..... but that's the sellers concern
The lender is making considerably more than $1000 on your loan. He would not be able to pay bills if lenders made so little per file. You have no idea what is getting paid on the backend.
And stop calling it a funding fee. USDA financing has a funding fee. VA financing has a funding fee. FHA financing does not have a funding fee.
The lender is making considerably more than $1000 on your loan. He would not be able to pay bills if lenders made so little per file. You have no idea what is getting paid on the backend.
And stop calling it a funding fee. USDA financing has a funding fee. VA financing has a funding fee. FHA financing does not have a funding fee.
I dont care what he makes on the back-end as its not from me, I was simply stating that I appear to be paying him just over $1,000 for his services and was wondering if this is about average low/high etc
ok ok I'll call it "Upfront MIP" if that makes you feel better
I dont care what he makes on the back-end as its not from me, I was simply stating that I appear to be paying him just over $1,000 for his services and was wondering if this is about average low/high etc
ok ok I'll call it "Upfront MIP" if that makes you feel better
Where are you getting the $1000 fee from? Banks make loans on the interest or on selling your loan.
It's not a funding fee, it's MIP. It's paid at closing. You don't finance it unless you are adding the closing costs into the loan. You also have to pay MIP monthly about $130 a month in your case for the life of the loan. You should have been told, this is added to your mortgage payment.
Wrong, the Upfront MIP is added to the loan amount regardless unless the buyer opts to pay it with cash at closing.
correct, the processing fee, underwriting fee etc as seen on the estimate i posted in post # 3 if you read back a bit
and yes i actually think the LO keeps that money since he told me so
Loan Originator's don't keep processing or underwriting fee. Those go directly to those departments or persons. He meant "we", not "I".
Since I saw no origination or loan discount fee, they are getting paid based as a direct lender on the loan amount.
However, it is sad, they don't know a funding fee from an Upfront MIP ro the true calculation.
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