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Jose Said:

In Ontario, Canada how much does a Mortgage broker get on average in fees from the lending institution?

We Answered:

If you work as a mortgage broker for an independent company you can make .5% of the loan amount. For a short time this was as high as 1.75% but it has fallen since 2006.
If you work for the big institutional banks, you will begin in their Phone Centers. You will get a salary instead of a commission. That is because the phone calls are all generated by the bank; not by your personal efforts. Most of those callers want to refinance. You get $30,000 a year.
You can't get recognized unless you become a superstar mortgage originator. Then everyone will bid for your services..

Wade Said:

Mortgage Broker Fees Advice (legal advice)?

We Answered:

I know you asked for advice from AZ, but I will let you in on a little secret "all of those fees can be negotiated with a mortgage broker" it is a good idea to shop around and find which one will give you the lowest fees...most states have a limit on fees but I do not know the exacts on Arizona, but remeber you can negotiate...if the broker isn't willing tell him or her you will go elsewhere (also keep in mind that the better your credit is the better chance you have at negotiating these fees, if your credit sucks you might just want to take what you can get)

Stephanie Said:

What would the mortgage broker fees be??

We Answered:

This is an excellent questions. I'm glad you acknowledge that Mortgage consultants do not work pro-bono. Well 2300 is not bad depending on how much your rate is . The way loan officers make money is that an honest loan officer will usually charge 1 point to the client and 1 point to the lender. So based on that your loan fee seems about right. I hope this helps , good luck. By the way make sure that they are not placing a prepayment penalty or that you interest is fixed for at least 4-5 yrs.

Peter Said:

how does a Mortgage broker use Title Fees to their advantage?

We Answered:

Let's talk about what is legal, then we'll touch on what is done (in some cases)

RESPA laws are very specific about what fees can and cannot be charged. Kick-backs to a mortgage broker from a Title/settlement company or an Appraiser are strictly prohibited. As are fees from a Mortgage professional to a Realtor.

That being said there are the few less savory among us that skirt around these laws just the same. Most mortgage professionals (despite our reputation) are honest and adhere to RESPA guidelines without question.

How can you tell if you are being charged more by the Title company to cover kick-backs to the mortgage broker? Well, you can't. Title fees are what is considered "Actual Fees" and are regulated. Sure there are certain junk fees charged. That is one of the ways we earn our money. You don't work for free do you?

So what is the best way to insure you are not being riped off by the Title company? Hire your own. Yes! You can do that. Just let the mortgage broker know you intend to use your own company. They may try to talk you out of it. If they do there is your proof you may be being taken for a ride.

What do I care what title company you use? All I want to know is if they are on my approved list. If they aren't, I'll get them on it!

Ask questions! Don't get taken for a ride!

Denise Said:

Do mortgage broker fees have vat?

We Answered:

The supply of credit is exempt from VAT. So the provision of the mortgage is exempt.

But your client is arranging the mortgage, not supplying it. In general, commissions and fees earned for arranging this exempt supply are also exempt.

So, the commission from the Halifax, say, would definitely be exempt.

The situation for the fee from his client is not so clear. If the fee solely relates to work done in procuring the mortgage then there is no problem. If additional services are covered, though, such as inheritance tax planning then these could well be standard rated.

Lena Said:

Mortgage Broker Fees Advice?

We Answered:

Contact me via http://fairwaymortgagelending.com