What's the harm in trying something new?
Just had a crazy conversation with a down payment assistance program coordinator. She requested a copy of my Loan Estimate for the client and I sent it over. She called me back and said Mr Richardson I need you to complete the estimate it isn't filled out all the way. I asked her to please explain what she thought wasn't filled out. She proceeds to tell me well you have ZERO listed in Section A Origination and only have charges for appraisal of $485 and flood certificate for $8 plus title and escrow. I explained no that is correct, we earn enough money from the lenders for the loan itself not all the extra charges. Her first response was OMG! She said I have never seen a lender like this and wanted to know if I would be interested in speaking at their home buying classes on Saturday's.
Moral of the story even someone outside of the business but involved in assisting home buyers had no idea that origination charges are optional not a requirement.
If you are allowing your lenders to charge ANY FEES in Section A origination charges on a fee sheet you are allowing them to grossly overcharge for their services.
Lenders are making more in fees and commission then the Realtors and without Realtors we wouldn't have any business. You negotiate great sale prices, now it is time to negotiate better fees for your borrowers. If your lenders refuse to reduce their fees, call me so you will know your client is being treated fairly. I am always available at 314.607.8551 in Missouri and in Texas call 832.384.8900
