Mortgage fees

[oogabooga]

What is the name of your state?Ohio

I am in the process of purchasing a home and was looking at 2 different lenders for financing. I went with the lender who was able to get my payment about $200 less per month. The other lender is now calling saying that I owe them money and that I will be sent to collections if it is not paid. I have received no bills from this lender, nor was I asked to pay any money up front. What charges am I responsible for, if any, with this lender who I did not get financed through? And can I be sent to collections without even getting a bill first? Thanks...

 

[BeenAround]

What documents, if any, did you sign with this other lendor ?

 

[oogabooga]

The only documents I signed were loan application papers. Nothing in there states that I had to pay them anything. I only met with the loan officer once, everything else was done over the phone...

 

[BeenAround]

There are many parts to Loan Application Document - I take it, you signed off on all the documents the loan officer handed over to you. Take a look at the bottom of your GOOD FAITH ESTIMATE - does it say in fine print, that if permitted by law, you will reimburse the lender for any and all costs incurred to process this application - if you don't close the loan ...?

 

[oogabooga]

I have looked over the documents and see nothing that relates to the clause you described. I see nothing on any documents that states I am liable for any money to be paid. Am I in the clear or is there something hidden or unwritten I should know about?

 

[amortgageman]

Two simple questions should answer whether or not any money would be due to this lender.

1) Was an appraisal ordered through this company. Did you sign a disclosure titled Appraisal Fee Responsibility?

2) The second possibility is a Residential Mortgage Loan Brokerage Agreement disclosure. This is a disclosure that a mortgage broker can have you sign which gives them the exclusive right to obtain a mortgage for you. Usually this contract gives them thirty days to act as your agent. (Nasty and sneaky, and should be outlawed. If a broker is really putting his best efforts forward, then this form would not even be necessary.) Did that broker obtain a firm locked committment from a lender on your loan?