Comments on: Mortgage Refinancing: Avoid Paying Unnecessary Lender Fees

By: Mark Brunworth

Mark Brunworth — Tue, 14 Dec 2010 14:18:42 +0000

I am looking at my GFE. It contains some misc. fees, the two I have a question about are the application fee for $400.00 and a lender fee for $675.00 (org. fee?). Is this application fee or lender fee required by law? I might add that I have a great credit score and have never missed a payment of any sort. I talked with the loan rep. and she told me it is requried by law. The information I have read states that these fees are optional. She referenced a X fee. Which is true? Mark

By: Robert

Robert — Wed, 22 Apr 2009 10:02:52 +0000

It's not illegal but if you sign the agreement they could sue you for that fee. It's a ridiculous business practice and one that I would never agree to. There are reputable mortgage companies out there that offer good service and don't try to take advantage of their customers with ridiculous fees like this one. Best to take your business elsewhere.

By: J. PECK

J. PECK — Tue, 21 Apr 2009 13:16:36 +0000

I have to restate my question from above and ask for an email response. The question is, being an out of state investor, I have been working with a mortgage lender, who has a one page "lock form". It states at the bottom, that if I sign the form, locking in the term's, and decide, for whatever reason, to not go through with the loan refinancing, that I am obligated to pay him 1 % of the mortgage amount. This is a South Carolina mortgage company. Please advise if this is legal and enforceable ??