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Updated over 7 years ago on . Most recent reply

Nicole Bryan's profile image
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Nicole Bryan
  • Real Estate Investor
  • from Bowie, MD
  • Member since Jul 31, 2013
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Nicole Bryan's profile image
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Nicole Bryan
  • Real Estate Investor
  • from Bowie, MD
  • Member since Jul 31, 2013
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Nicole Bryan
  • Real Estate Investor
  • Bowie, MD
4
Votes |
67
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Private Lending & Conventional Mortgage Advice

Mortgage Broker Fee in Maryland - What's Legal?

Nicole Bryan
  • Real Estate Investor
  • Bowie, MD
Posted

Hi everyone!

I have an agreement with a broker in Maryland to pay them 2% for a deal that I just closed. I however learned later that he had charged the lender 1.5%. I read somewhere that mortgage brokers cannot legally be paid by both the buyer and the lender. Is that correct?

Am I doing something wrong for writing this guy a check? The lender refused to put the broker's 2% on the HUD-1.

Thanks!

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Melvin List's profile image
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Melvin List
  • Lender
  • from Tampa, FL
  • Member since Apr 7, 2016
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Melvin List
  • Lender
  • from Tampa, FL
  • Member since Apr 7, 2016
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Melvin List
  • Lender
  • Tampa, FL
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Melvin List
  • Lender
  • Tampa, FL
Replied

@Nicole Bryan if its not on the Closing Statement then it's not legal

  • Melvin List
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