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gsgroupinc
2035 Posts |
 Posted - 05/15/2008 : 07:34:13 AM
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| M&T is telling that I can charge up to 2% |
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Clr2close
330 Posts |
Posted - 05/15/2008 : 07:40:18 AM
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| GSgroup please shoot me a email |
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gsgroupinc
2035 Posts |
Posted - 05/15/2008 : 07:41:37 AM
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quote:
Originally posted by Clr2close
GSgroup please shoot me a email
CLR
I why can't you answer on the forum? |
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ss5547
250 Posts |
Posted - 05/15/2008 : 07:44:23 AM
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| The answer is no. You are limited to 1% origination. You can however charge discount points that are paid to you, not the bank. Their are differing opinions on this, and I'm not sure how sound these opinions would hold up in a HUD audit. |
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gsgroupinc
2035 Posts |
Posted - 05/15/2008 : 07:50:26 AM
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quote:
Originally posted by ss5547
The answer is no. You are limited to 1% origination. You can however charge discount points that are paid to you, not the bank. Their are differing opinions on this, and I'm not sure how sound these opinions would hold up in a HUD audit.
That is what I thought but M&T compliance dept is saying different. |
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ss5547
250 Posts |
Posted - 05/15/2008 : 07:59:43 AM
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| Is M & T exiting wholesale in your area? I know they are pretty much done in GA. |
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ehm3
979 Posts |
Posted - 05/15/2008 : 08:01:53 AM
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| you can make up to 3 in the front but only 1 can be origination. |
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gsgroupinc
2035 Posts |
Posted - 05/15/2008 : 08:06:01 AM
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quote:
Originally posted by ss5547
Is M & T exiting wholesale in your area? I know they are pretty much done in GA.
No I am in the "footprint" |
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gsgroupinc
2035 Posts |
Posted - 05/15/2008 : 08:06:31 AM
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quote:
Originally posted by ehm3
you can make up to 3 in the front but only 1 can be origination.
Do you know what mortgagee letter that is in? |
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ehm3
979 Posts |
Posted - 05/15/2008 : 08:15:12 AM
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quote:
Originally posted by gsgroupinc
quote:
Originally posted by ehm3
you can make up to 3 in the front but only 1 can be origination.
Do you know what mortgagee letter that is in?
nope, its just one of those things that I learned about 6 years ago and always followed. I guess I could be wrong but I doubt it, I can't even count how many times others have said the same thing.
The bigger question, IMO, is do teh 2 discount points have to be bona fide? I'm not sure on that one although I think its easier if you are a correspondent or lender. |
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HollywoodLO
261 Posts |
Posted - 05/15/2008 : 08:24:38 AM
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| From what I've been told, you can only charge 1% origination, and 2% discount. Some companies, however, cap the discount points at 1.5%. |
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Clr2close
330 Posts |
Posted - 05/15/2008 : 8:45:32 PM
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| i wanted to send you information gs that is why but you can charge 1 point origination and 2 points discount email for the information if u want |
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ladysammm
352 Posts |
Posted - 05/15/2008 : 9:30:31 PM
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| FHA does have a cap of 1% loan origination fee for forward mortgages with the acception of 203K which allows for 2% origination fee as a result of addtional processing requirements. The 4155. states loan discount points charged should be reasonable and customary for the a market area. This can be found in the section dedicated to closing costs. |
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success07
639 Posts |
Posted - 05/15/2008 : 9:31:31 PM
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| cant you also just put a flat fee in the broker fee of a higher amount? |
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1stintegritymort
1298 Posts |
Posted - 05/15/2008 : 9:32:36 PM
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| i called HUD on this a few months ago. broker fees are not capped on qualifying refi's. on streamlines you are capped at 2 on the front. refi's you can charge what you want as long as its no more than 5 front and back. you charge one origination and the rest broker fee. |
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success07
639 Posts |
Posted - 05/15/2008 : 9:57:14 PM
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Thats what i thought heard something about this before
quote:
Originally posted by 1stintegritymortgage
i called HUD on this a few months ago. broker fees are not capped on qualifying refi's. on streamlines you are capped at 2 on the front. refi's you can charge what you want as long as its no more than 5 front and back. you charge one origination and the rest broker fee.
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jvanpetten
2545 Posts |
Posted - 05/16/2008 : 03:00:51 AM
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| Each lender is different on how to charge more than 1% on the front, but all I have dealt with say 1% origination is max. Some had me put it as processing, administration, and broker fee. |
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