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hpu73, the only client I have ever done a loan for that KNEW what their house would appraise for, is my appraiser. The FHA terms they gave you suck, plain and simple. Tell them you have cancelled your loan because they could not deliver what you agreed to on a rate lock. It does not matter why, it just matters that they can not deliver the terms of the rate lock agreement. Also tell them you have discussed the matter with several other lenders, ALL OF WHOM FIND THEIR $3000 PLUS PROCESSING FEE PREDATORY, and that the Dept of Savings and Mortgage Lending may find it PREDATORY also. If they continue to push the argument, CLOSE THE LOAN THEN RESCIND IT. They can not touch you after that, period.
The section they refer to reads like this:We do not charge an upfront fee to lock your loan. However, once we accept your lock, your loan is committed into a secondary market transaction and we incur costs. If you elect to lock your loan at this time, you agree, subject to loan approval, to close your loan in accordance with the terms stated herein, regardless of the changes in the market. If you cancel or withdraw your loan application or fail to close by the Lock Expiration, or Borrower has made a material misrepresentation on the loan application, or Borrower has failed to provide documents necessary to the processing or closing of the loan, you agree to pay a lock break penalty equal to 1% of the Loan Amount. If incurred, the Lock Break Fee shall immediately due and payable and the lock terms in this Agreement shall be void. You will not be subject to the Lock Break Fee if your loan is denied or if the purchase conract is terminated.
Bigboy, this is from your other post:Line 801 shows a charge for $2297 (loan origination fee)Line 810 shows a charge for $3193 (processing fee)Line 811 shows a charge for $995 (underwriting fee)Line 813 shows a charge for $200 (closing fee)Is this too much?
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