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Any charges for cancelled funding by lender at borrower fault?

If the lender found out some mistaken at borrower fault before funding and the loan was cancelled by lender. Will they lender charges some fees such as notary fee, Title insurance fees, etc....
Please advice.


Thanks


Joey Man, Oakland
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September 09 2010 - Oakland
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Answers (5)

Joey, unless the lender collected more than the appraisal and credit fee I'd doubt there will be any additional charges.  It's fair they keep those two fees assuming the product (appraisal report and credit report) was completed on your behalf.

Unfortunately for lenders and real estate agents, we don't get paid unless you close escrow, regardless of how hard we've worked on your file.  It's part of the job.  :(

If you think you've been overcharged you can check with whatever entity oversees the lender. If it's a mortgage broker or mortgage banker you can check with Dept. of Real Estate or the Dept. of Corporations in CA.
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September 10 2010
Did they take an upfront fee?
I believe that any money already paid to the lender is not refundable. 
A paid appraisal cannot be refunded because the lender had to pay it out to the appraiser.
I do not believe a borrower of a failed loan can be held responsible for fees after the transaction stopped. 
If the lender is a bank you might check with the OTC and perhaps they can assist.  I know banks usually charge an application fee that is not refundable no matter what BUT there is always exceptions - right?
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September 10 2010
Profile picture for wetdawgs
"I guess the lender will feel very deep sympathy to the borrower and just forgave them and let it go by saying."   So sorry, not likely.  But, check your application contract.
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September 09 2010
Profile picture for Joey Man
hmmm....apraisal fee had been paid by borrower.My question is will the lender charges their processing fees, notary fees, etc. for last minutes cancellation before funding at borrower fault?
I guess the lender will feel very deep sympathy to the borrower and just forgave them and let it go by saying...sorry...you got denial and good bye...
Please advice...


Joey Man, Oakland
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September 09 2010
Profile picture for wetdawgs
Yes, if the borrower's fault then some fees that have been incurred may be charged.  Appraisal fee and initial application fee might also be on the list you mentioned.   Title insurance would not be (that would be part of closing costs) , but title checking may be.



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September 09 2010
 
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