Agent

Recourse limited against last-minute home-loan fees

Listing agent takes $4,000 loss to save deal

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DEAR BOB: I recently sold my home. The buyers made it known they needed 100 percent mortgage financing. We agreed to pay $13,000 in closing costs to help the buyers. The lender gave them a so-called "good faith estimate" that showed this amount would pay their closing costs. But on the day of closing, the loan officer showed up and informed the buyers they owed $4,000 more than expected to buy the home. He was very clear the lender had just raised the fees to make more profit. The buyers didn't have the $4,000. Everyone felt helpless. But the listing agent ended up cutting his fee to allow the sale to close. This seems dishonest, dirty and illegal. What is the possible recourse against the mortgage lender? --Matt C. DEAR MATT: Welcome to the sometimes-corrupt world of home mortgage lending where bait-and-switch tactics are very much alive, as you and your buyers discovered. Purchase Bob Bruss reports online. Most mortgage lenders are honest. Some are not. The "bad guys" know when they ...