Where is Mortgage Broker Compensation in Good Faith Estimate?
I'm looking over my good faith estimate, and there is nothing that could be considered the mortgage broker fee. No origination fee, no points, no nothing. Closing costs are paid by seller, and the costs in the good faith estimate almost come to 3%. Question- how is my mortgage broker getting paid???? by jackro_460_564 from Tulsa, Oklahoma. Sep 16th 2011
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Your lender is either a Mortgage Bank, or a Mortgage Broker using his Corespondent (credit ) line. In either case, the cost of money is less than the rate he is giving you. If I buy a widged for a dollar and sell it for $1.05, then I'm making 5 cents on the sale... money also has a similar markup. The cost of money is less than what he is selling it for.. WilliamAcres.com
Brady Smedsrud (BradySmedsrud)
#3 ranked lender in Montana - 17 contributions
He is getting paid through his lender. I am sure your broker will be willing to lower the rate that he has offered you for a higher origination cost. In other words you can buy down the rate if you want.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
Did you receive this: https://www.encompasswebcenter.com/UploadFiles/DefaultFiles/gfe.pdfand read the instructions? It's self-explanatory. Your loan originator should have gone over this with you in it's entirety. Happy funding, Rudi
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