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db4heisworthy · Joined: 24 Feb 2009 Posts: 3 2.03 Dollars($)

I refinance my home and my broker came back and said they forgot to add in the broker fees and that if they went back to the table it would be another 30 days before I could close. I am doing a VA loan. On top of the other fees, I have to pay another $603. I want to know is this legal. On the documents it says POC by broker for these fees.

gmakerley · Posted: Tue Feb 24, 2009 9:39 am Post subject:

wait a minute...you already closed? and your broker is only now telling you that you have to close again so they can get paid?

i smell a rat. tell them to pound sand.

db4heisworthy · Joined: 24 Feb 2009 Posts: 3 2.03 Dollars($)

No, they told me a week before I closed.

Posted: Tue Feb 24, 2009 10:35 am Post subject:

it's worth fussing about - see if you can get them to forgo some of these fees...by the same token, mistakes do happen; and i'm sure you don't want the loan officer to go penniless on the deal.

argue your point - either that or yank the loan and go elsewhere

db4heisworthy · Joined: 24 Feb 2009 Posts: 3 2.03 Dollars($)

They did get a 1% orgination fee.

elnoralittle · Posted: Tue Feb 24, 2009 7:11 pm Post subject:

MY feeling is this,
As a loan officer, my borrowers trust me to disclose to them my fees and title fees correctly. Under RESPA, the laws state that we have 3 days from the time of application to disclose appropriately. There are 3rd party fees that we disclose as estimates but have the chance of changing slightly and this is well explainable, but in no way should the yeild spread premium (what your broker is calling you about) be disclosed a week before closing.

I know that the origination fee might not be money in the broker's pocket, it might have been to buy down the rate.

VA is very strict about disclosure and accuracy. If this were me, I would take the hit on the loan, I would never go back to the client. I don't even see how it is allowable. I think you should call your broker's boss.

One more thing, if the loan has closed...don't pay a dime. If it hasn't I would walk away from the deal and get another.

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