Profile picture for wkalexa

Lender fees

I was working with a potential lender while shopping for a mortgage.  We submitted an application and went through the disclosure process.  After some time, we selected a different lender based on lower rates and fees.  The original lender sent me a bill for costs he says they incurred while prparing my application.  I did not sign a contract to use them.  Do I have to pay the fees?
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March 28 2011 - Western Branch North
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Answers (2)

Profile picture for B Mike West
You may have to pay the credit report fee which should be less than
 $ 25.
Other than that, unless you signed an agreement to pay them some specific fee it sounds odd.  When Congress passed the SAFE act they cracked down on loan officers who were taking advantage of borrowers.
As of January 1, 2011, all loan officers have to have a NMLO (National Mortgage Loan Originator) license to generate loans--unless they work for a bank and even then they should be registered with the NMLS (National Mortgage Licensing System).

Find out if they have a NMLO license.  You can report them to the to the NMLS at www.NMLSConsumerAccess.org which is a government organization.
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March 28 2011
Profile picture for wetdawgs
Which specific fees is the first lender requesting?
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March 28 2011
 
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