All the rules do not apply to Big Banks and bankers. They do not have to show you what they are making fee wise. This is called yield spread. As a Broker we give the borrower the yield spread in a form of a credit to reduce your closing costs. The Banker and big banks keep the yield spread and charge you origination fees too!
This is just one of the many advantages of using a broker instead of a big bank. Brokers allow you to choose you rates and fees. When you get a Loan Estimate from a bank or banker with a 1% origination charge, a low flat fee, or no origination charge at all – take a look at the rate. It is usually higher than what a mortgage broker can get. The reason for this is the banks are taking the yield spread.
So please give me a call if you are buying or refinancing. For the same rate (or often times a lower rate) the fees will be considerably lower! Call Scott Bennet at 503.703-4699 or email email@example.com and let’s discuss the multitude of options available to you today!