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beware this poster is a upfront fees scammer

There is no commercial lender in America that does not require money from the Borrower before funding. Every lender has a legal fee and most have processing or commitment fees. What did this person do that was wrong?

Yes at closing not upfront

Upfront fees are all illegal

All fees are to be paid at closing expect for 3 4?rd party fees like appraisal, survey, inspections and erx

Upfront fees are not illegal if they are for a specific purpose but what do I know, I just own this website, have done mortgages for over 20 years, and closed over $600 Million in loans.

If a BROKER charges upfront then it is considered unethical since the Broker is not funding the loan. There is nothing wrong with a lender charging upfront to process, conduct legal checks, or perform loan related services..

The person you complained about is obviously not a lender, but why call someone a scam unless you have proof? If you cannot prove wrongdoing, just move on.

Today's society is full of people that like to whine and complain and make accusations. This website is not the place. Either prove wrongdoing or move on to a different website.

I brokered a loan that we closed last week. The upfront fees totaled $1690 which was a legal fee of $1095 and a processing fee of $595. In addition there was a $600 appraisal fee but that was paid directly to the appraiser while the rest was paid to the lender, making it an upfront fee. Neither me nor my investor client had any issue with that because the fees were there for a specific purpose. Now if they would have just charged a fee called "upfront fee" then I would have ran the other way but we all know there is a processing or commitment fee to do a loan and we all know that legal is an upfront fee that the lender should not have to pay themselves. My loan closed, the lender that charged upfront was very ethical, and other than a long wait for the appraisal results, it was a smooth process with a good company.

I think the woman that complained was wrong to yell scam, but she may have a point in that if the mortgage broker wanted money to even consider her loan than that is absolutely a problem and could potentially be illegal. She was just too quick to call it a scam.

I agree with the boss that too many people in our new society freak out and blame others for every little thing without giving the benefit of doubt.

those are the fees that are allowed -

Well this wasnt a normal amount and it was not those kinds of fees and FBI says it is illegal unless it is the normal fees for loans

Its ok i didnt feel comfortable with there request they wanted all these large fees upfront before loan approval etc

yes i am scared now days - i have lost alot of money to upfront fees scam not doing it again

We are representing a borrower to a commercial lender for nearly $100million in funding for shovel-ready construction projects with all permits in place.

The lender has requested an upfront due diligence fee that, except for appraisal, title, and other related expenses, will be fully refundable should the lender decline to fund the loan. 

The lender's concern is their previous experience with the borrower "tire-kicking" after significant work has been done to provide bona fide LOI.

While it does not apply to all borrowers, on a case-by-case basis, this is legal and ethical in United States commercial transactions.  

I had one of those before and paid $160k never got funded never got refunded

I'm still in la awsuit against them with the FBI for wire fraud against them

I lost the money and will never get it back

  1. This is how I know some upfront fees are illegal

I wanted to weigh in on this. I buy one or two investment properties a year, some to hold and some to flip. I think this qualifies me to state my experience. I would never pay an upfront fee to a mortgage broker, but I would consider using a broker to help me find the right lender and assist with the process. Now if the lender charges upfront, after already issuing an LOI, then yes I would pay the upfront money after checking out the lender's credentials. I normally expect to pay a grand or two upfront, plus appraisal, before final approval is issued to me. Everything else is usually included in the closing costs.

Big Lou

yes for normal fees but not large fees that are not normal

Yes I agree that in our new messed up society, too many people like to cry and make accusations even if they are not true. Isn't that the communist liberal way?

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