Does anyone know this lender

5 Replies

I got a great quote for a cash out refi for a four unit building from Rochester Home Equity in Rochester NY. Any one have any experience working with them. I'm concerned about the up front non refundable fees they are asking, for appraisal and other fees. I'm concerned they may come back with a much higher fee and I will be out what I paid up front.

Thanks

@Barry Cohen be VERY wary of ANY lender that asks for an up front fee.  I am not familiar with that lender specifically but for more exact information on that specific lender maybe ask in the New York forum.  Most lenders do not require an upfront fee.  Paying for an appraisal is a normal item to prepay for but any other fees outside of that are a big no-no.

Andrew Postell, Lender in Texas (#392627)
817-873-0621

Suggest contact your own bank(s).

@Barry Cohen see below.  They've been in business since 1986.  Seem legit.  I know I have to pay a commitment fee and appraisal fee with my lender.  That is only after they have committed to lending to me based on my financials.  And I understand.  They don't want to go to the expense of underwriting to find out I say, "Nah, I changed my mind."

What sort of upfront fees are you talking about?

Selected Entity Name: ROCHESTER HOME EQUITY INC.

Selected Entity Status Information
Current Entity Name:ROCHESTER HOME EQUITY INC.
DOS ID #:1114676
Initial DOS Filing Date:SEPTEMBER 25, 1986
County:MONROE
Jurisdiction:NEW YORK
Entity Type:DOMESTIC BUSINESS CORPORATION
Current Entity Status:ACTIVE

Selected Entity Address Information
DOS Process (Address to which DOS will mail process if accepted on behalf of the entity)
ROCHESTER HOME EQUITY INC.
180 OFFICE PARK WAY
STE 2000
PITTSFORD, NEW YORK, 14534
Originally posted by @Barry Cohen :

I got a great quote for a cash out refi for a four unit building from Rochester Home Equity in Rochester NY. Any one have any experience working with them. I'm concerned about the up front non refundable fees they are asking, for appraisal and other fees. I'm concerned they may come back with a much higher fee and I will be out what I paid up front.

Thanks

 Hi Barry,

An appraisal fee after you've seen a legally binding LE is standard. Appraisal fees are not allowed to be a profit center for lenders, they are at-cost. There are audits to ensure this.

Lenders are also allowed to charge upfront to run your credit at-cost, just like landlords are. Most lenders don't (we don't), but my understanding is that it's technically allowed. It should be $20 or $35 or something, just like what you charge your tenants, and not a profit center. 

Are you seeing something outside these norms?

Chris Mason, Lender in CA (#1220177) and California (#1220177)
415-846-9211

@Larry T. @Chris Mason thanks for feedback. Yes they seem to be legit since been in biz for a long time. I guess it's been a while since doing a loan that I forgot that they want the appraisal fees up front. I did read. A review or two online about horror stories with them but it was most likely their own issues. Thanks for feedback

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