The lender can't charge me for the time they took to get me aproved for a loan, but feels they can charge me for UPS overnight fees, credit report, and some underwriting fees. I swtiched lenders because the one I had could not do the job in a timely manner that we needed before closing. Thanks for your help.
2007-06-12 02:42:31 · 6 answers · asked by ruxc82 1 in Business & Finance ➔ Renting & Real Estate
Thanks for RESPA mark some very useful information on the web site. Also thanks to the 5 year broker for your statement as well.
2007-06-12 04:37:59 · update #1
Nope I never paid them anything. I had receieved the good faith estimate and a payment was due after receiving the good faith estimate to get things down to the underwriters and start the loan process. Then we became aware that the lender could not meet the deadline so we switched.
2007-06-12 04:49:24 · update #2
what did you sign?
2007-06-12 02:48:10 · answer #1 · answered by pops 6 · 0⤊ 0⤋
No, you are not responsible. Part of the risk of being a lender is the fact that you don't get paid until the job is done. Tell your lender/broker that you WILL NOT pay those fees because they did not do the job that they said they could - Get your loan done in a timely fashion.
Unless you signed a form specifically saying that you will pay for UPS and a credit report, don't worry about it. That is just lenders way of saying "Hey we're a little bitter that we didnt get your business, so we want to at least try to recoop our expenses" People like this give us in this business a bad name. Good luck with your new home!
2007-06-12 03:05:12 · answer #2 · answered by Robbie G 2 · 0⤊ 0⤋
Yes, you are responsible for those charges. When you authorized the first lender to proceed with your mortgage application, you agreed to pay any costs the lender has incurred, even if it does not result in a successful transaction for you.
2007-06-12 02:48:34 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You are not liable for any costs that the lender incured. It is a RESPA violation for them to charge you anything if you do not decide to go with them.
2007-06-12 03:04:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Did they collect an upfront application fee? Then yes, they can keep what they actually spent (make them document it), and send you back the difference.
If you haven't paid anything yet, don't. It's part of our cost of doing business.
2007-06-12 04:39:52 · answer #5 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
you needed them when you ordered them, you got them, now its time to pay for them.........
2007-06-12 08:36:28 · answer #6 · answered by DennistheMenace 7 · 0⤊ 0⤋