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Replies (7)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
That's nice. It's also incorrect as you would have found with about 5 minutes of research
Attorney's fees for title work are an allowable fee or to be precise; it's allowed by process of elimination since the wording under fees the borrower is not allowed to pay it says: "attorney's fees other than for title work".
In the VA underwriting guidebook as posted on the VA web site:
http://www.warms.vba.va.gov/admin26/pamphlet/pam26_7/ch08.doc
Attorney's fees for title work are an allowable fee or to be precise; it's allowed by process of elimination since the wording under fees the borrower is not allowed to pay it says: "attorney's fees other than for title work".
In the VA underwriting guidebook as posted on the VA web site:
http://www.warms.vba.va.gov/admin26/pamphlet/pam26_7/ch08.doc
- NTETS, "Mr Caveat"
- Contributions:6436
ah, its refreshing how deep some of these investigative reporters dig...
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
It's even more refreshing how an "agent" then passes the incorrect information out in mass media without corroborating it first.
frightening!
frightening!
- Andrew Adams, "203K Specialist"
- Contributions:9349
A little bit of knowledge is a dangerous thing!
Then she must be very dangerous, because she has very little!
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
completely irresponsible. Why would an agent want to rile up 884,000 veterans on on Armistice/Veterans Day?
- Hamp Yonce, "Zilluminati"
- Contributions:3463
This is what the linked document says;
The lender may not charge the borrower for attorney's fees. Reasonable fees for title examination work and title insurance can be paid, however, by the borrower. They are allowable itemized fees and charges.
VA does not intend to prevent the veteran from seeking independent legal representation. Therefore, the veteran can independently retain an attorney and pay a fee for legal services in connection with the purchase of a home. Closing documents should clearly indicate that the attorney's fee is not being charged by the lender, but is being paid by the veteran as part of an independent arrangement with an attorney.
I would argue that the Attorney charged the fees, not the Lender.
The lender may not charge the borrower for attorney's fees. Reasonable fees for title examination work and title insurance can be paid, however, by the borrower. They are allowable itemized fees and charges.
VA does not intend to prevent the veteran from seeking independent legal representation. Therefore, the veteran can independently retain an attorney and pay a fee for legal services in connection with the purchase of a home. Closing documents should clearly indicate that the attorney's fee is not being charged by the lender, but is being paid by the veteran as part of an independent arrangement with an attorney.
I would argue that the Attorney charged the fees, not the Lender.
Important Information for Veterans
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- 0.0/5.0
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Contributions:89http://www.myfoxatlanta.com/dpp/news/fox+5+special%3A+i-team+va+loans+110909
An investigative reporter discovered banks have not only been overcharging veterans for years, but have also forged closing documents. According to federal loan records, more than 884,000 veterans have refinanced their homes over the past eight years.
According to VA regulations veterans refinancing their homes must pay for a title examination, which averages $147 nationally, but must not be charged attorney fees. After an audit of over 100 home loan refinance documents it was found that 97% of the closing statements contain bundled title exam and attorney fees that were simply listed as title examination fees on the closing documents.
At first glance, the HUD appears to fall in line with VA regulations, because no attorney fees are present. However, the title examination fee, in almost all cases was found to include attorney fees.
To add insult to injury, these fees are folded into the loan along with principal and other closing costs. So the veteran is paying interest to the bank for up to 30 years on stolen money.
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