(This is Part 3 of a four-part series. See Part 1: Real estate settlement services take bite out of borrowers; Part 2: Eliminating mortgage lender fee surprises and Part 4: Cost consolidation improves real estate loan shopping.) The first two articles in this series dealt with overcharges by third-party settlement service providers, and lender fee escalation at the closing table. This one is about high mortgage broker fees. Role of Mortgage Brokers: Because brokers deal with multiple lenders, they play a critical role in helping a borrower find a lender who offers a particular type of loan program. When the needed loan is one offered by many lenders, brokers are able to shop among them to find the lowest price. That's the good news. Excessive Fees: The bad news is that broker charges per transaction are generally excessive. In part, this is due to low productivity. Brokers spend a lot of time looking for clients, and they also spend a lot of time with potential clients who don't...
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