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Private Lending & Conventional Mortgage Advice

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Nicole Bryan
  • Real Estate Investor
  • Bowie, MD
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67
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Mortgage Broker Fee in Maryland - What's Legal?

Nicole Bryan
  • Real Estate Investor
  • Bowie, MD
Posted Oct 22 2017, 18:45

Hi everyone!

I have an agreement with a broker in Maryland to pay them 2% for a deal that I just closed. I however learned later that he had charged the lender 1.5%. I read somewhere that mortgage brokers cannot legally be paid by both the buyer and the lender. Is that correct?

Am I doing something wrong for writing this guy a check? The lender refused to put the broker's 2% on the HUD-1.

Thanks!

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