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Loan Origination Fee

Posted on: 03rd Sep, 2010 11:09 am
i am applying for a refinance and when i got my gfe it listed a loan origination fee of 0.5%. i was told by the rep at the credit union that the lo fee is from freddie mac and not from the credit union - does this sound correct? the reason i ask is because the same rep said he only gets a fee from the credit union if he fills out the application and i see the reps name on the gfe as "loan originator". if it costs me .5% to fill out an app, i'd rather do it myself

thanks!
Hi blottobill!

Welcome to forums!

As far as I know, the origination fee is charged by the lender for evaluating and preparing your mortgage loan. If the credit union is your lender, then he will charge you the fees. Whether you fill the loan documents yourself or take the help of a representative, you'll have to pay the origination fees.

Feel free to ask if you've further queries.

Sussane
Posted on: 03rd Sep, 2010 07:45 pm
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