Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Lender promotion waives origination fees on VA mortgages

Notify me of new replies via email
Mortgage Professional America | 27 Mar 2014, 02:12 AM Agree 0
A Virginia-based lender has announced a promotion to waive origination fees on its VA mortgages
  • Bill S. | | 27 Mar 2014, 12:13 PM Agree 0
    This is news? My company hasn't charged origination fees on VA or FHA mortgages for many years. It's called a rate adjustment.
  • SB | | 27 Mar 2014, 12:44 PM Agree 0
    Not sure if anyone else saw this, but the rule is either 1% OR allowable lender fees. If this outfit is just going to itemize the fees instead of 1%, it doesn't really save anyone anything. Good hustle, though.
  • Dan H | | 27 Mar 2014, 01:10 PM Agree 0
    It's a Shell game!
    LOL
  • Ryan | | 28 Mar 2014, 07:57 AM Agree 0
    As previously mentioned....shell game. They shouldn't pay to have this published in an industry magazine where you know industry insiders will call BS. Banks and CU's seriously make me laugh with the way they attempt to run "specials" instead of educating their customer on both options costs and lower rate or higher rate and no origination (which we all know will be the case here). The origination will be waived up front, buried in the form of a higher rate, in which the veteran will the finance over the 15 or 30 yr amort. Educating the customer and presenting just simply 2 options at a min is the best business practice. Choices.
Post a reply