Over credited on our mortgage refinance
The day after my husband and I closed on our mortgage refinance, I received an email from my mortgage broker that indicated that I was “over-credited” lender credits because they were larger by a few hundred dollars than the actual loan costs, and my mortgage broker wants my husband and me to reimburse them for the difference. I’ve refinanced before and I have received lender credits, and the lender and loan costs were never equal. I never knew that they had to be the same. After closing is done and signed off, all finance agreements should have been settled then, right? Is this a usual request from a mortgage broker after closing? This situation seems strange to me and I think this issue should have been fixed before closing. by John Carlson from Saint Cloud, Minnesota. Oct 11th 2022
Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions
John - I agree with you ...but ask the broker what the exact lender credit is and also to provide line by line itemization of all the costs that were incurred on the refinance ...also - if you have an impound account - you can use a lender credit to cover the prepaid taxes / insurance and interest ....also you should be able to receive a small amt of cash back ( under 2K ) without it tripping the classification to a cash back refinance
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
They made a mistake, but once closed, it is closed. You are under zero obligations to pay them anything at this point, especially if it has been past your three day right of rescission on a refinance. It's bad enough they made the mistake, but to come ask you for it? Wow... I Lend in MN, WI, IA, ND, SD. Cambria Mortgage, NMLS 274132 - Minneapolis-Mortgage.net
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