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Updated about 8 years ago on . Most recent reply

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187
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70
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Assaf Furman
  • Wholesaler
  • Campbell, CA
70
Votes |
187
Posts

Opinion for a brokered financing situation

Assaf Furman
  • Wholesaler
  • Campbell, CA
Posted

After getting a property under contract I applied for a HML with two lenders. After a week or so I've been informed that one of them was in fact brokering the deal to the other lender I applied with. I've been in contact this whole time with the actual lender and was assured that I won't be charged broker fees since I went to them directly in the first place. The closing was today and sure enough there was a broker fee, and had I declined to pay it I would have to postpone the closing which wasn't an option in this case.

What's your opinion on this? Is there something I can do to recoup that fee? 

Most Popular Reply

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7,926
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Fort Worth, TX
6,316
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7,926
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Lender
  • Fort Worth, TX
Replied

@Assaf Furman based on how you are describing this scenario is sounds like this incident should be reported to the Consumer Financial Protection Bureau. That is the federal agency that handles these sorts of things and this scenario sounds like it should be brought to their attention. 

  • Andrew Postell
  • Loading replies...