Recently HUD announced elimination of the 1% origination cap on FHA loans. The change was made with the spirit of the new GFE that combines origination and other lender fees into one section. This will allow lenders to present "origination charge", a bundled fee of origination fee and lender fees, at an amount greater than 1%. It was not intended to increase our charges to borrowers. Until we have time to further explore our options, my company's policy is to restrict our "origination charge" to 1% origination fee plus the standard branch fees.
This has been a source of confusion for many and the public seems to think we are going to increase our charges as a result of the rule change. For Academy Mortgage anyway, that is not the case.
Art Marine
Branch Manager
10220 SW Greenburg Road, Suite 250
Portland, OR 97223
503-764-4005 direct
503-799-7085 cell
1-866-510-4716 fax
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