hello, I notice there is a 5000 dollars fee from broker, the lender pays that right?

I highly recommend that you go over your Fee Worksheet and your Good Faith Estimate with your current Loan Officer to obtain accurate information on your loan origination fees. As others have noted, the compensation can be different. We have loans that are Borrower-paid origination or Lender-paid origination on Brokered loans and we also have correspondent loans which the borrower may pay origination/admin/processing fees, however it is possible your lender is giving you a credit back to offset some of those fees. You would see a credit on Box 2/Pg 2 of your Good Faith Estimate or a Lender credit for rate chosen on your fee worksheet or a Lender credit at the bottom of your fee worksheet. Go to your Good Faith Estimate, page 2 and look at BOX A, these are your total adjusted origination charges after all debits and credits.Janine Bodway - jbodway@acceptancecapital.com

It really depends on what your referring to, and my guess is that you looking at a "fee's worksheet" or Good Faith Estimate, and keep in mind that the rules are different if you're dealing with a broker vs. a bank or direct lender, but the charge from the broker is a charge to you from the broker... you pay it.. The lender might give YOU a credit to offset the charge, so in effect, it cancels out. But if it's a charge with no credit then, no.. You are paying it..I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

All loans have closing costs. Banks and direct lenders by law disclose their costs differently than brokers do. Without understanding how the disclosures work, it would appear that a brokers fees may be higher. This is not true. Brokers have to disclose some fees that lenders don't, then turn right around and give an equal credit. FOCUS ON THE BOTTOM LINE, not the numbers in between.

What is the fee and how is it being paid? Is it a FHA and the fee the UPMIP, are you doing a streamline of some sort, are you doing a NO Cost Loan? Really need some more info to give you a better answer?

In many cases the broker will get a credit from the lender to cover any fees associated with the loan. The best thing to do, so that you are clear of all of the fees listed is give your broker a call to verify.

Have you had a chance to ask your broker what the fee is?

It depends upon which document you're looking at. If you're looking at a Good Faith Estimate, is it listed under "origination charge?" If so, that would be the borrower's responsibility (you). If the lender is giving you some sort of credit to offset this charge, that would be listed as a credit to you (borrower). I would recommend just asking your mortgage broker what the fee is for. They'll let you know right away if it's their loan origination fee. If you're not comfortable with their answer, you may want to get a 2nd opinion from another mortgage consultant. Hope this helps!

You should contact the lender you choose to work with for details on your fees.

I would be happy to go over this with you...Just let me know..Thanks!

i would have your loan officer explain it to you.

in most case that would be true. The main item to keep an eye on is how much your loan balance is increasing. If that does not impact your loan balance you should be ok to move forward.