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Do lenders get big bonuses to roll the closing costs and uping the loan for HARP Portfolio products?

I don't mean to gripe but how can a worksheet fees change so much from a week ago. For the HARP DU Refi plus?  What are portfolio products for the DU refi Plus?
They up'd the loan from 242 to 247!
Changes such as..
Such as Broker fee's $100 more.
Credit back to borrower like 4,000?
Now it is a lot less for the portfolio product b/c they want to use my same apprasal?
2.636 vs 0.571???
huh?
amount of loan from 242 to 247?
to cover closing fees etc?
I wanted to pay those w/o rolling those into the loan.
What are your thoughts?
Do brokers have to up the loan to meet a quota?
Making a sale of a loan with closing costs rolled in get big bonuses?
Do you think that is what is going on here?
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September 28 2011 - Portland
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Answers (5)

Best Answer
A REFI Plus loan has closing costs like any loan and they have to be paid in 1 of 3 ways:

1. You pay them at closing
2. The lender pays them by charging a higher rate
3. You increase your loan amountto cover them

The cost associated to Refinance are real and will have to be paid one of those three ways.  LO doesn't care how you choose to pay the fees...they may opt fo rthat thinkng you won't realize the actual costs associated with refinancing. 
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September 28 2011
Since this is not a purchase, why don't you start over with someone else? It doesn't make sense to do business with someone you don't trust.

Happy funding, Rudi
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September 28 2011
Profile picture for Pghpdx
THanks
Shapiro,
I don't want to LOOK like I don't know everything.
I want to be well informed so I ask several sources.
I want to make sure I look like I know what I am doing
even though I don't know everything.  I don't want to be "taken
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September 28 2011
Profile picture for Pghpdx
THanks
Shapiro,
I don't want to LOOK like I don't know everything.
I want to be well informed so I ask several sources.
I want to make sure I look like I know what I am doing
even though I don't know everything.  I don't want to be "taken."
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September 28 2011
Profile picture for shapiroamg
You seem to be asking a lot of questions. Is your loan officer that difficult to reach? Has this person not explained anything to you?

I would suggest you call this person up and tell them your plan is to pay the closing costs out of pocket and to reduce the loan amount accordingly.
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September 28 2011
 
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