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peter
4612 Posts |
 Posted - 07/13/2008 : 7:26:45 PM
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I can think of Wells and TBW, but I could be off the mark
as I have not really scrutinized their total garbage add-ons
or other lender fees.
All pass-thru mortgage bankers, correspondents, and
wholesalers, tend to have higher fees and hidden add-ons than
the big lenders, is this a correct conclusion?
In today's market when escrow, title, and notary fees are
being brought down realistically with the market, I wonder
why lenders are still maintaining their high fees and
unnecessary add-ons to make them uncompetitive?
Peter |
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dtabar
768 Posts |
Posted - 07/13/2008 : 7:45:40 PM
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| I remember loan center of california had like $1500 in fees. lol. |
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Hustler12
1293 Posts |
Posted - 07/13/2008 : 8:14:43 PM
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| Hey Darrell - are you referring to HomeLoanCenter.com? |
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peter
4612 Posts |
Posted - 07/13/2008 : 9:07:41 PM
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The $1,500 was a total ripoff! I recall Wamu Wholesale
was some $200 higher than Wells. Normally, the average
totak lender fees should not be more than $850, but they
could hit you with garbage add-ons, like escrow waiver,
credit score range add-on, LTV ranges add-on, ad infinitum.
lenders' ripoffs have not been much discussed and all the
blames are always put on the broker. It is time to reform
and standardize lender's fee to be within a range of
reasonnableness to consumers as this is a consumer issue
because the borrower is paying for them.
Peter
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khoiey
1583 Posts |
Posted - 07/13/2008 : 9:22:43 PM
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Then are we ready to standardize our broker fees as well? ie, commission, processing, commitment fee etc.
It's a free market so we go where they have less fees.
quote:
Originally posted by peter
The $1,500 was a total ripoff! I recall Wamu Wholesale
was some $200 higher than Wells. Normally, the average
totak lender fees should not be more than $850, but they
could hit you with garbage add-ons, like escrow waiver,
credit score range add-on, LTV ranges add-on, ad infinitum.
lenders' ripoffs have not been much discussed and all the
blames are always put on the broker. It is time to reform
and standardize lender's fee to be within a range of
reasonnableness to consumers as this is a consumer issue
because the borrower is paying for them.
Peter
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propertylender.c
1293 Posts |
Posted - 07/13/2008 : 10:40:39 PM
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I think it depends on the situation more than the lender.
That is they way I see it anyway. |
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