LAZERSON: A year-old 15-basis point surcharge adds to the cost of using a broker rather than borrowing directly from a lender’s retail outlet.
As a mortgage broker, I’m clearly biased in favor of my profession.
I’ve been unable to locate an explanation for this fee. I reached out to Fannie Mae, Freddie Mac, the Federal Housing Finance Agency and to Mark Calabria, FHFA’s director at the time the fee was proposed. I’ve yet to get a response.Soon after the mortgage meltdown and housing crash of 2008, new rules took effect to ensure there’s no favoritism or pricing penalties based on the type of loan originator, according to Dave Stevens, retired Mortgage Bankers Association president.
So, that’s a fee of $971 on a $627,200 “conforming loan” in Riverside and San Bernardino counties; and a fee of $1,456 on a $970,800 “conforming loan” in Los Angeles and Orange counties. For the most part, mortgage brokers cannot directly pass this fee on to their clients.This fee “leads to unintended and inappropriate pricing distortions, which creates an unlevel playing field among lenders and simultaneously harms borrowers,” a statement by the MBA-affiliated Mortgage Action Alliance said.
If a bank or other mortgage provider did anything like this, it would be tarred and feathered, shamed, cited and fined by regulators for having a disproportionate impact on protected groups.
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