How does everyone handle the collection of rate lock fees and the LE / CD.
We collect a rate lock fee to offset any pair off fee's from FNMA, however if the loan closes we refund the fee.
If we put it as an origination fee - it will affect our APR. We would then have to provide a lender credit for the same amount in order to refund it on the CD.
How do others handle the collection of rate lock fee's and does anyone credit the borrower back at closing?
Edited by Shih_Tzu_Lvr (01/13/18 01:58 PM)