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Updated over 7 years ago on . Most recent reply

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10
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Dean Hiller
  • Professional
  • Broomfield, CO
0
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10
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Mortgage Broker Fee is not a Closing Cost?

Dean Hiller
  • Professional
  • Broomfield, CO
Posted

I am a bit confused though I guess this makes sense maybe.  Mortgage Broker Fee in my case is paid by lender.  This means it is not a closing cost?  (Please confirm this first question)

The lender generates the LE and the software has my commission in it, but the mortgage broker fee does not show up on the LE so it is a backend cost that must be just affecting the interest rate(ie. higher broker fee, higher interest rate).

IF the Mortgage Broker Fee is instead paid by borrower, does this mean it would be a closing cost in that situation?

thanks,

Dean

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