Posted by Reverse Mortgage of America - Jessica on 2/26/10 6:50pm
Msg #324445

i find it so hypocrytical...

that a broker will go out of their way to "save the borrower money" on settlement-related fees, but will sell the borrower on a higher-interest loan so they can collect money on the backend for themselves. UGH! it just ignites me that MY fees are hacked to peices because the broker decided to actually do THEIR job and they feel their borrower deserves discounted services.

Reply by Shoshana/AZ on 2/26/10 7:15pm
Msg #324448

The rules have changed...or haven't you heard?

Why blame everything on the broker? What the brokers charge or don't charge has nothing to do with the notary fees.

Reply by Reverse Mortgage of America - Jessica on 2/26/10 8:19pm
Msg #324453

Re: The rules have changed...or haven't you heard?

i think you mis-understood my post. i was stating that the broker was asking me to provide a discount to his borrower because he felt he had done some of the work i would normally do. this is not the case, he performed work that is customary for a loan officer but still feels that my fees should be discounted because "the only reason he completed the work was to save his borrower money." i find it hypocritical that the broker is concerned about saving his borrower money when he is receiving a hefty YSP for selling a higher interest rate to the borrower.

Reply by Shoshana/AZ on 2/26/10 11:31pm
Msg #324468

Re: The rules have changed...or haven't you heard?

OK. I hear what you are saying. If the loan was originated on Jan 1, 2010 or later, the broker will not get any YSP.
I am also a loan officer. What was the work that he allegedly completed?

Reply by Reverse Mortgage of America - Jessica on 2/27/10 1:12am
Msg #324474

Re: The rules have changed...or haven't you heard?

i close primarily reverse mortgages where the broker receives a ”correspondent fee” from the lender.

The broker took the loan application with the borrower instead of having a notary take it. for reverse mortgages you can't charge the borrower to take the app so the closing fee doesn't include the app. The broker still felt the closing fee should be discounted because he took the app.

Reply by Shoshana/AZ on 2/27/10 7:01am
Msg #324480

Re: The rules have changed...or haven't you heard?

You are right. I always get paid extra when I go out and take the app.