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Who pays for the lender credit - Loan Officer or bank?

by Sandra
(USA)



I have a question for you. Who is should be responsible for paying the lender credit? Would this be the loan officer who is responsible? Or is the bank responsible for this?

=====ANSWER=====

Hello Sandra,

I'm not sure what you mean by the lender credit. What line does this figure show up on your GFE?

One thing I can say about some of the terms used in mortgage lending is that they can be very deceiving. For example, when you hear the word discount, one would think they are going to save money since the word discount is normally used in that structure of a sentence. However, a discount on a mortgage actually cost you money and is used to buy down your interest rate.

So with a lender credit, I'm not sure what you are asking. Can you clarify for me?

Regards,

Jeff Ragan

PS, you may want to watch my FREE video on the good faith estimate explained at FREE GFE Explained Video this will explain the new 2010 GFE in detail. It is about 26 minutes long and goes step by step explaining your closing costs.

Thanks,

Jeff Ragan

Comments for Who pays for the lender credit - Loan Officer or bank?

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Lender Credit
by: Nakia

Loved the video!!! We need more videos like this to explain these forms.

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