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Message
Home Loan App: is it normal to be charged for a credit report?
Posted on 6/17/12 at 10:19 pm
Posted on 6/17/12 at 10:19 pm
quote:
Here are the updated items that I would like to get from you to get your pre-approval underway:
2010 and 2011 federal tax returns – all schedules. If you use a CPA, please have him email me the returns electronically.
2010 and 2011 w2’s
Most recent 30 days of paystubs
Most recent 60 days of asset statements on all accounts (savings, checking, 401k, etc.) - all pages. Downloading from your bank’s website and emailing as an attachment is fine, but we need actual statements as opposed to print outs from online activity.
Legible copy of your driver’s license. Scanning and email work best but if you fax, please lighten as much as possible before you fax.
Also, we will need to run a credit report for you. Our company policy is to obtain credit card or debit card information and bill directly. The cost for the report is $16.95. Please call me with your credit card information. Here is what I will need:
Full name as it appears on front of credit card
Full credit card number
Expiration date
3 digit security code on back.
Once I have this, I can get some numbers for us to review.
Please feel free to call me with any questions.
Brandon
tha frick?
This post was edited on 6/17/12 at 11:01 pm
3
Posted on 6/17/12 at 10:40 pm to Iona Fan Man
For a credit SCORE, not a report.
go to annualcreditreport.com
Mine normally cost like $8 or something like that.
go to annualcreditreport.com
Mine normally cost like $8 or something like that.
This post was edited on 6/17/12 at 10:42 pm
Posted on 6/17/12 at 11:15 pm to wegotdatwood
not really about the money, to me it's the worrying about $16 on a 300k loan.
I didn't even fill out the application because of this. The guy is my (RE agent)uncle's recommended finance broker.
I was going through my bank and my uncle said to go through his guy because he's faster and has more lending options (even though I'm a W2, seasoned bank funds, 1040EZ tax filer, with +800 credit score)...ie. I don't need those funky loans.
You seriously wanting me to pay for my credit report? that can't be an industry standard...is it?
I didn't even fill out the application because of this. The guy is my (RE agent)uncle's recommended finance broker.
I was going through my bank and my uncle said to go through his guy because he's faster and has more lending options (even though I'm a W2, seasoned bank funds, 1040EZ tax filer, with +800 credit score)...ie. I don't need those funky loans.
You seriously wanting me to pay for my credit report? that can't be an industry standard...is it?
This post was edited on 6/17/12 at 11:16 pm
Posted on 6/17/12 at 11:34 pm to Iona Fan Man
Oh hell, that's a whole other ballgame. I have zero knowledge with that stuff.
I'd say just pay the $16 and move on.
Someone else on here will know the answer.
I'd say just pay the $16 and move on.
Someone else on here will know the answer.
Posted on 6/18/12 at 12:01 am to Iona Fan Man
It's a minor dick move. It doesn't cost $16.95 for the originator to run a credit report, this is probably about $10 of pure profit for them.
This is pretty minor for a six-figure loan. But if the originator does a lot of applications (which is a much higher volume than the number of closed mortgages) that's $10 per app, which adds up and is why they do it.
Bottom line is that they are nickel and diming you. Since they will charge you whether you close or not you can haggle though if you really feel like it although this isn't worth your time. It is worth theirs b/c they process so much volume.
This is pretty minor for a six-figure loan. But if the originator does a lot of applications (which is a much higher volume than the number of closed mortgages) that's $10 per app, which adds up and is why they do it.
Bottom line is that they are nickel and diming you. Since they will charge you whether you close or not you can haggle though if you really feel like it although this isn't worth your time. It is worth theirs b/c they process so much volume.
Posted on 6/18/12 at 6:57 am to Iona Fan Man
16.95 for the credit score, then $30,000 once he maxes out the card. I don't think I'd ever give anyone that much info
Posted on 6/18/12 at 7:28 am to mctiger1985
It's a pass through fee. Your loan, your credit, you pay for the credit report. Been that way forever. Just like the appraisal.
Posted on 6/18/12 at 7:55 am to VABuckeye
quote:
It's a pass through fee. Your loan, your credit, you pay for the credit report. Been that way forever. Just like the appraisal.
Yeah, but it is normally represented on the GFE and HUD documents, not paid up front. Sounds like a low volume guy and he wants to cover his costs. Credit pulls can cost as little as $2, probably less
Posted on 6/18/12 at 11:08 am to Iona Fan Man
its not uncommon in the mortgage world. wells fargo charges 22.50 up front for a credit report and Chase charges a $375 application fee to do a loan upfront. My company doesnt charge upfront but we charge on the HUD. FYI a tri-merge credit report runs $11 to pull.
Posted on 6/18/12 at 11:17 am to hawkeye007
I would NOT give him my credit card info.
Posted on 6/18/12 at 8:04 pm to Nawlens Gator
Credit report that can be used by FNMA cost $22.50 for a joint report, so yes it cost that much probably. If it is run multiple times and by multiple lenders, it could get up to over $100 bucks charged to the broker by the Credit Bureau.
We usually charge a processing fee that covers all costs to small vendors, because if audited you have to show exactly what fee was charged if you put it on the HUD. If you over charged,you have to credit back the borrower.
All these people making these statements have no idea how the business is after Dodd/Frank.
There is no other business out there now where the government tells them how much they are allowed to make like the mortgage broker. The sad part is, banks and CU don't have near about the scrutiny and people trust them more than brokers. It is just wrong. A whole industry has been decimated and preferential treatment shown to lenders because of 5 states, and two horrible politicians that wanted to leave a legacy.
We usually charge a processing fee that covers all costs to small vendors, because if audited you have to show exactly what fee was charged if you put it on the HUD. If you over charged,you have to credit back the borrower.
All these people making these statements have no idea how the business is after Dodd/Frank.
There is no other business out there now where the government tells them how much they are allowed to make like the mortgage broker. The sad part is, banks and CU don't have near about the scrutiny and people trust them more than brokers. It is just wrong. A whole industry has been decimated and preferential treatment shown to lenders because of 5 states, and two horrible politicians that wanted to leave a legacy.
This post was edited on 6/19/12 at 8:50 pm
Posted on 6/19/12 at 7:42 am to tiger94gop
quote:It's all ways been that way. The banks hate the competition. Banks used to not have to disclose what their fees were on the GFE to prospective borrowers, but mortgage brokers had to. Then the banks would then tell future prospects that brokers had hidden fees and not to trust them.
There is no other business out there now where the government tells them how much they are allowed to make like the mortgage broker.
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