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 siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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 Posted: Mon Jun 29, 2009 11:39 pm Post subject: Upfront Fees |
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What do you charge for a upfront fee for the investigate for a mortgage funding? Loan size is $600k.
A Mortgage Company (from AZ) requires a non-refundable upfront fee of $10k.
Is this too high? |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Tue Jun 30, 2009 5:09 am Post subject: |
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Hi
There are some lenders who require an upfront mortgage funding fees, while others do not charge any such fees. The amount they charge also varies from lender to lender. If you think the lender is charging you a high upfront fee, you can contact another lender and enquire about what amount they charge as upfront fees. The mortgage brokers at times also charge the borrowers upfront fees. Are you a mortgage broker, new to this business? Or are you looking to obtain a mortgage for yourself as a borrower? |
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jheard
Moderator
Joined: 12 Dec 2007
Posts: 599
Location: Houston, TX
98.69 Dollars($)
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| Posted: Tue Jun 30, 2009 6:58 am Post subject: |
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Do not pay the fee! It sounds like a scam to me. Some mortgage brokers charge an upfront fee of $400 to cover the appraisal and credit report. I do not pay an application fee up front. If you do, make sure it is refundable if the money is not spent on these.
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Disclaimer: This is not legal advice and I am not your lawyer. The information provided in this forum is for discussion purposes only, and is no substitute for an in-person consultation with an attorney who can analyze all of the facts and determine how your state and local laws may apply to your specific situation. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7415
Location: bloomfield, ct
64.30 Dollars($)
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| Posted: Tue Jun 30, 2009 7:20 am Post subject: |
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i am in full agreement with jheard. an upfront fee of $10000 is ludicrous. generally, you ought to find that the only fees paid prior to a closing would be third-party fees such as an appraisal fee, although many institutions will request an application fee to ensure they're not just spinning their wheels while working with you.
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George M. Akerley
Loan Consultant
860-221-5044 |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.33 Dollars($)
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| Posted: Tue Jun 30, 2009 8:42 am Post subject: |
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| yes. it may be a fraud. better consult others |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7415
Location: bloomfield, ct
64.30 Dollars($)
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| Posted: Tue Jun 30, 2009 8:43 am Post subject: |
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by "others" i assume you mean other lenders, robertsmith.
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George M. Akerley
Loan Consultant
860-221-5044 |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Tue Jun 30, 2009 10:37 am Post subject: |
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Thanks for your responses.
@manoj_gopale: The Mortgage Broker says : "Underwriting and due-diligence is a very costly and very time consuming process to determine the volatility of any particular transaction. RFG requires the client cover the cost of this process and those costs are non-negotiable. Unfortunately, I cannot waive the due-diligence fee."
@savior70: I am a borrower, unfortunately from Europe, so I dont find the right Lender for me. I dont know any other Mortgage Broker. The Problem is the Project it´s under $600k, most broker will lend above $1 million and I have no credit score (FICO) here. See my other questions in the Forum.
@jheard and gmakerley and robertsmith2005: I dont pay this fee, I reject the LOI from this Company today. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7415
Location: bloomfield, ct
64.30 Dollars($)
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| Posted: Wed Jul 01, 2009 6:57 am Post subject: |
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it seems this mortgage broker thought they had spotted an easy mark, one who lacked the sophistication to challenge them. this is another reason that this forum is a valuable tool to the borrowing public.
it would be a wonderful idea, i believe, to forward whatever documentation they gave you, siegert, to the arizona attorney general's office for their perusal. i suspect that you're not the only unfortunate soul who they have tried to rip off, and a timely investigation by the ag might just save some people from this heinous practice.
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George M. Akerley
Loan Consultant
860-221-5044 |
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siegert
Joined: 29 Apr 2009
Posts: 14
Location: Wakefield, UK
6.17 Dollars($)
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| Posted: Thu Jul 02, 2009 5:20 am Post subject: FBI investigation 2008 |
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@gmakerley: I found this now: "http://www.cfsolutionsllc.com/Remington.pdf"
It´s hard to believe, they work today  .
[External link deactivated as per forum rules] |
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