Reasonable fee for mortgage broker?
I'm about to make an offer on a property, and have spoken to a couple
of mortgage brokers about obtaining financing. One broker has shown
me his wholesale rate sheet and stated that he doesn't earn his fee
from any rebates but from the sale of the loan servicing rights to a
third party. For the loan that we're considering, this would amount
to about $3750. Does anyone have any thoughts on this arrangement?
Is his fee excessive? How does the sale of the loan servicing differ
from a rebate? (seems like just a matter of semantics). Any advice
would be greatly appreciated.
- The service release premium is just as you stated, A REBATE. If you
are not
being charged a fee, then as long as the rate is competitive with
other firms
the rebate should not matter. I would say this, most mortgage
companies will work f