Does PEAC charge a fee to the lender/investor for closing loans?
Our lenders/investors bear no expense whatsoever in the funding of a loan that we originate. Moreover, you begin to earn interest, at the note rate, from the day you wire your funds to the title company, regardless of when the Deed of Trust actually records and the loan closes. So if an investor wires funds and the loan doesn’t close for another three days, the investor still receives interest (prepaid from escrow) for those three days. Additionally, we collect a wire fee of $35.00 on your behalf and send it to you, along with the initial prepaid interest which escrow will collect (from the funding date to the end of the month).
Related Questions
- Can a lender charge a borrower at closing a one time charge for setting up an account with a tax service to arrange for tax payments?
- If a lender requires a condominium certificate and questionnaire for loans on condominiums, where does the charge go on the GFE?
- Does PEAC charge a fee to the lender/investor for closing loans?
