Our compensation typically ranges from 1-2% of the loan amount depending on the interest rate environment and type of loan we’re providing.
With a 0% point loan structure the lender that we assign the servicing rights of your loan to will compensate us by paying us a fee for the right to collect the future mortgage payments. In this instance our client is not paying us our fee for originating the loan because the lender is.
Choosing a loan option with points is a little bit different. In this instance the borrower is paying us a fee of 0-2% that is paid at closing and is included in the closing costs. It is also possible that our compensation is paid as a combination between points charged to the borrower and fees collected from our lender. We are always happy to be transparent about our compensation so please feel free to ask us questions.
Our firm also charges a processing fee of $395 that will go towards the in-house processing of your mortgage paperwork. This insures that your loan closing will happen in a timely manner. If, for any reason your loan closes late because of an issue within our control we will absolutely refund this processing fee.
If we originate the loan using our in-house banking line we will charge a $650 underwriting fee and a $19 4506T processing fee. These fees cover the standard costs associated with the underwriting, document preperation, funding, wire transfer, and flood certifcation charges that go along with the origination of a new loan.
In the event that we broker the loan to a wholesale lender they will typically charge similar fees which will range between $595-$995.