Updated over 12 years ago on . Most recent reply
Is this a fair fee to charge for loan origination?
Here's the scenario: A private lender is seeking a mortgage company to handle loan origination for his loans. The private lender has his own list of lendee's, so the ONLY activity the mortgage company handles is the origination.
What's a fair fee to pay for just origination? I've received a quote for 1% + $500.
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Bill Gulley
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Bill Gulley#3 Guru, Book, & Course Reviews Contributor
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A private lender? An individual? Only a registered lender can charge loan fees in any state that I've found. Get it in writing and turn them in to your state finance department and find another lender. If it's really a private lender. :)