I did 100% financing and was charge 1200 dollars for a lender processing fee. Someone told me that they are not allowed to charge a lender processing fee. Is this true?
2007-01-18 02:23:35 · 8 answers · asked by chantalprix 1 in Business & Finance ➔ Renting & Real Estate
Yes they can charge you that, but it should be reflected on your good faith estimate prior to the closing.
Lender's don't charge a processing fee however. Normally they have doc prep, underwriting, tax service, credit report, flood cert. Brokers charge processing but anything over a couple hundred dollars is pretty steep. They are normally the ones who add fees and try to hit you for more at the table.
You can challenge the fee since I'm guessing you already closed. I think you can file a claim with the department of financial institutions in your state.
2007-01-18 02:50:41 · answer #1 · answered by NICHOLAS M 2 · 1⤊ 0⤋
I'm sorry to say yes, they can. It sounds as though this was their work around for offering a Zero points loan and still making a nice commission. Depending on the state you live in though, a "good faith estimate" should have being provided for you to sign prior to closing the loan, if that was not done or if they were deliberately deceiving in the paperwork provided you may be able to fight it. But if you signed the closing documents including the processing fee, you accepted the terms, you may not be able to do anything about it. With the exception of filing a complaint against them, start with www.bbb.org/
2007-01-18 04:47:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They can charge it. There's nothing saying they can't.
Although, the fees should reasonably relate to the work provided, which at $1200, is impossible.
A $1200 processing fee is really high, for a "processing" fee
2007-01-18 09:29:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure they can...but $1200 is high. Which lender is this??
2007-01-18 03:47:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As far as I know, they can charge you whatever they want to, as long as you are made aware of it before signing for the mortgage.
2007-01-18 02:29:59 · answer #5 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
With my legal professional I pay him by using the hour....you will definately ought to pay him for any time regardless of what your shoppers come to a decision to do. Your legal professional and their paralegal/assistants have assisted you in workplace work and significant information in making judgements in this rely. wish all works properly! solid luck
2016-10-31 10:38:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
They sure can, it is all in the wording used.
2007-01-18 02:29:04 · answer #7 · answered by MANDY 2 · 0⤊ 0⤋
They can.
2007-01-18 02:27:56 · answer #8 · answered by Anonymous · 0⤊ 0⤋