RUST,
The usual fee is 1% and there may or may not be a processing fee. Depends on the complexity of the file.
No other garbage fees.
I currently cap that fee for loans above $650K..
I don’t get a penny from the lender in commission unless the borrower wants the fee paid that way.
(For agents or repeat clients I might be negotiable, but I am well worth what I charge)
People don’t realize the variation in rates out there, so without knowing what they are doing, many people fall for one gimmick or another…
Nobody can guarantee that they offer the lowest rates possible, too many variations.
People who think that they are getting the loan for free are just prey of a predator.
Millions of people thought they were being smart by not paying a few thousand dollars for ethical advice, now it’s costing them tens (or hundreds) of thousands.
I’ve explained to plenty of people that they really weren’t ready to buy a house, and sent away loans that others would have gladly done for the fees.
Perhaps I can’t help everybody, but based on what’s out there today, there are plenty of people who have needed me or someone like me.
You don’t get free legal or tax services, but many think that they can get free loans. People have jobs that they get paid to do, but don’t think that they should pay to get sound advice when getting a loan. (Millions $ are wasted in mutual fund mgt fees)
I have been so angry about some fees and loans that I see others have been screwed into, and it was just for the commissions generated. The only thing that I can do is the right thing. I’m a phone call or email away for anybody on this board.
Ray, I respect your reply, but come on.
I offer Nordstrom’s customer service not swap meet hustle.
A fax either arrives in 60 seconds or it doesn’t. If it doesn’t, ya send it again, IMMEDIATELY, not wait until the next day. Borrower said that Kinko’s didn’t receive it either.
I’m dying to know what KPP is being charged to take abuse and crappy service, (I don’t care how difficult the client might be) For what is probably the largest transaction of their life, I think they deserve to be able to sleep comfortably and not be aggravated over their loan.
The crappy service is not a surprise to me, but the clients attitude is.
I am almost positive that “Joice” will be charging more than I would, and probably not offer as good of rate nor service.
I already know that KBB didn’t get the education or service that they are paying for. So sad.
