HM lender & broker EACH charged me, points and lender fees (?)

[Michelle DeWoskin]

Would SO appreciate feedback -

The mortgage broker states all along the way: the fees consist of his points, appraisal, inspection, closing fees - other than the interest rate and LTV etc.

The night before the closing he mentions the lender's fee ALSO, only the morning of the closing is full quote provided with a higher than previously quoted int rate, AND $8500 lender fee AND broker's 2.5 points - none of this disclosed.  I was stuck, I had to close or I'd lose the property. 

I'd appreciate any and all thoughts/feedback - other than 'Michelle you idiot' :(  

Thanks!

[Don Konipol]

@Michelle DeWoskin

I am a hard money private lender, and most of our loans are brought to us by mortgage brokers. We require all applicants whom we issue a Letter of Interest, to sign a term sheet that specifically addresses all loan terms, fees, etc. This is done before the borrower spends any money on appraisal, environmental, etc. On this same form the mortgage broker who brought us the loan is required to disclose all his fees.

The fact that the both the mortgage broker and lender charge fees is common; both are in business to make money. The fact that these fees were not disclosed to you until closing is unethical. All fees should be disclosed at the time you sign a letter of interest, so if the fees, terms, etc., are not acceptable to you you can seek alternative financing.