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JFREDE3382 · Joined: 26 Feb 2008 Posts: 4 2.20 Dollars($)

Maryland finder fees law allows brokers to charge up to what % of the difference between new loan amount and the original loan amount if the refinancing occcurs within 24 months.

smithsussane · Posted: Sun Dec 14, 2008 8:39 pm Post subject:

Hi JFREDE!

Welcome to forums!

Maryland has a Finder's Fee Law which limits the finder's fee of the mortgage broker to 8% of the total loan amount brokered. It also limits the fee on subsequent loans on the same property in a 24 month period to 8% of the amount by which the subsequent loan exceeds the initial loan.

Feel free to ask if you have further queries.

Sussane

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What is the max allowable fees a broker can charge on a second

savior70 · Posted: Tue Jan 26, 2010 3:49 am Post subject:

Hi Mr Mike,

The maximum allowable fees a broker can charge may vary from one state to another. For e.g., in California, as far as I'm aware of, the broker fees cannot exceed 5% of the loan amount up to a limit of $700. Which state are you in?

gmakerley · Posted: Tue Jan 26, 2010 8:59 am Post subject:

wow, savior. if 5% of the loan amount is capped at $700, then you're only talking about a loan of $14000. how many california properties would warrant loans as little as $14000?

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maryland finder fees