I am not sure if everybody is experiencing the same, but the last few approvals came back with serious cuts to the Attorney fees and in one case refusal to cover CO. It appears to be a new tactic.

 

I think what is happening is that with Realtor commissions now secured to 6% in many cases (if HAFA process, Fannie, or Freddie), lenders have found another soft spot, the lawyer fees. The problem is that it undermines the whole deal. There is no money left on the table to cover this discrepancy. One deal cut the lawyer fees to from the usual $3,500 to $1,000. They are now trying to recoup the difference from the borrower, though the borrower is already over their head with medical bills and deep in the whole due to unemployment resulting thereof.

 

Is your recent experience similar?

If so how do you deal with this problem?

 

Views: 15

Reply to This

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2019   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service