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July 04, 2007
How Loan Officers Harvest Seller Paid Contributions
Speaking only for our company, Legacy Escrow Service, Inc., there are NEVER excess funds from seller contributions. The loan officer will take it. We rarely see the Good Faith Estimates, so we have no way of knowing if the broker’s fees at closing match what was originally disclosed at the time of application. We only know that EVERY time we prepare a HUD-1 settlement statement in which there are unused seller concessions, we ALWAYS receive revised instructions from the broker changing (increasing) their fees.
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Posted on July 4, 2007 02:46 PM by seller185.
Filed in Mortgage Calculator under seller concessions.
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Comments
How long have you been a loan officer?
I'm a realtor and I know that is a violation of federal law! realtors can't change their commission to include unused available concession that are to be used "STRICTLY" toward "CLOSING COSTS", as a mortgage rep if you are going with the flow and agreeing to that and the attorney hasn't caught it either you better ask your supervisor for some advise!
BIG NO...NO...
Seller Concessions must be spelled out what they are to be used for, either closing costs or for repairs to put the home in condition to pass inspections required for a sale.
A realtor cannot say, if they don't use the entire concession amount can I keep it? Big no no...
Posted by: Victor Kaminski at April 28, 2008 04:53 PM
