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Can mortgage agent charge me an extra "fee" for her PRINTING the refinance paperwork.

A wells fargo mortgage agent wanted to charge me $25 to cover her cost of printing  the necessary documents for my refinance paper. I went ahead and paid it. This seems very shady to me since I  never had to pay this extra fee that isnt stated in my home refinance paperwork. Should I report this and how so? She also told me I had to pay for an appraisal before she could submit the paperwork. I also went ahead and paid for it but I thought that I could wait until I see if I was approved before getting an appraisal. Is that not true? On top of this after a month I had to call her to see how the refinance process was going. She then told me that I didnt get approved by the underwriter. The reason was because my debt to credit ratio. I then question her on why she didnt have a better idea if I would be approved or not when she was doing the refinance paperwork with every piece of information she needed. Instead of making me pay for an appraisal beforehand when she never told me that my application looked like it could be denied by the underwriter. This agent said she has over 20+ years of experience but to me it seems like she has no experience at all!
  • November 24 2012 - US
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Answers (3)

Best Answer

Consumers ask frequently if there is a difference dealing with a bank, credit union, mortgage banker, or mortgage broker. The above post is unfortunately a classic example of YES there is a difference.  The difference is how a conscientious loan officer handles their business and avoids what happened to you. Getting an automated loan approval at the very beginning avoids last minute surprises.  Debt to income ratio is a known factor upfront and automated underwriting bases an approval on that and many other factors.
If there is concern about a high DTI even with automated underwriting approval, ordering an appraisal is a second mistake. You may contact her supervisor and question why loan was not automated underwritten before an appraisal was ordered.
If this was an FHA refinance it may be worth getting another opinion on getting approved.  Some lenders go higher on DTI then others but most all will close an FHA loan with automated U/W approval.  Appraisal could be transferred to another lender, too. 
Indicate what area/state you are in, and it is likely local lender(s) will offer to determine if there is any other options for you.
  • November 26 2012
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After this Wells Fargo agent told me I was denied by the underwriter (after not hearing from her for like 3 weeks and having to personal call her), I asked her if the appraisal was transferable to other companies. She then stated that it wasnt transferable. It would only work if I did it with Wells Fargo. Then she went on stating that its the new government regulation, which I have no idea if this is true or not. I just wanted to ask what is TRUE?! I'm pretty disappointed at how this agent has handle this whole process so far. The thing that boogles my mind the most is that Wells Fargo is the current company that my mortgage is under, and with the refinance I would pay a lower monthly mortgage and pay it off faster!
  • December 11 2012
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It sounds like you had the right instincts but didn't follow them. Plenty of lenders will submit your application with nothing due up front and it is perfectly fine to wait for conditional approval before an appraisal is ordered. Printing fee seems a bit unusual but would be permissible as long as disclosed and collected properly.
  • November 25 2012
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