What are the fees a broker can charge on a FHA Streamline Refinance loan?
Thanks for your question.
With a streamline FHA refinance the broker is able to charge up to 1 percent broker fee. You will also expect to pay fees for processing.
You will also have **third party fees **for title, closing, and underwriting. FHA will also require new escrow accounts to be opened. A broker will also be entitled to any Yield Spread Premium that may be due based on the agreed rate.
Please remember that the only expenses under direct control of the broker is the Broker fee, processing, and YSP. Also remember that when you go the "bank" route, bankers do not have to disclose YSP.
Also remember that with an FHA Streamline an apprasial is not required as long as the loan amount does not exceed the amount it was first financed (including MIP). FHA will also rebate (as part of the new loan) any remaining MIP from current loan.