ANSWERS: 2
  • No... they aren't allowed to do anything of the kind, and if they are giving you wiring instructions, run the other way. A co-worker and I were just talking about this yesterday. Seems the account they wanted the money wired to was a personal account. Find a different mortgage broker, this one is not on the up-and-up.
  • Yes, I've heard of it...if they are talking about establishing your escrow account. The escrow account for the payment of your insurance, depending on how soon it is up for renewal could be at the $900 mark. This amount should be offset, eventually, by the refund of your escrow account from your existing lender. Lenders call their "origination" fee by different names so they could also be calling that an escrow fee...it wouldn't be accurate but he who has the gold makes the rules. Find out specifically what they are talking about would be your first step.

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