Can we go with a different lender? (loan officer, fees, loan)

[mb4play]

We are having Wells Fargo do our loan. We need to close by 4/10. We sign some paper. Today i recieved the GFE in the mail. But something is not right....
Can we still get out of WF and go with a different lender if we choose to? I know my we sign some letters (including one that states we choose WF as our lender and would not have other bank do our loan, which was type by the loan officer...i thought it was odd when she type that letter and have us sign it).... but we haven't sign anything to close the deal. We already paid for the appraisal fee to get the house appraised..... Some how i dont really trust the loan officer we have. I have repeatly ask her is our 3.5% down payment included in the total settlement charge of $9,949.69 and she have repeatly comfirm to me that, Yes it is included. But when i look at the GFE,

I don't see that anywhere on the GFE. The GFE states:
Box A (adjusted origination charges) =======$2570.11
Box B (charges for other settlement services) $7379.58 (I don't see anywhere on the charges the downpayment was included)
_________________________________+________
Total settlement charges ===============$9949.69.


This total amount does not include the 3.5% down payment correct????

So my total out of pocket is more like: $9949.69 + $5775 = $15,724.69


Therefore if I'm calculating this right:
$15,724.69
-2500 (deposit check-already paid)
-500 (appraisal fee-already paid)
_____________________
$12,724.69 is the amount left to pay.

This was what we were concerned about.
We ask her several times about the downpayment (3.5% or $5775.00) being included in the GFE. She even emailed somebody to verify that the the down payment is included in the total settlement charges.

Any advice?

[Kafffy]

We received a wrong GFE from them too. They "accidently" added the seller paid fees (transfer taxes) into our portion which nearly doubled our total estimate

It was the first of many many mistakes we've run into with those idiots.

Learn from our mistake and get away from them NOW

[mb4play]

Originally Posted by Kafffy

We received a wrong GFE from them too. They "accidently" added the seller paid fees (transfer taxes) into our portion which nearly doubled our total estimate

It was the first of many many mistakes we've run into with those idiots.

Learn from our mistake and get away from them NOW

can i still run away from then after signing all those paper without any penalty?

[Diesel350z]

Of course you can go with someone else but you'll lose your appraisal and will have to pay for a new one unless you can get a hold of the appraiser and have him change the lender name on the appraisal for a small fee. Also you may lose your deposit check depending on who holds this check, don't know on that one so you will have to find out.

The other thing you need to consider is if you switch to a new lender will they be able to close your loan by 4/10?

Keep in mind that origination and other settlement charges are ALWAYS negotiable. If you don't negotiate you'll never know you are getting the best deal. Also, why are you not asking them to break down what the settlement charges are in box B?

[SmartMoney]

Also, including the seller's recording charges is not a mistake. Lenders across the country are showing worse case because we are not a party to the contract and it's the contract that spells out (well, in most cases) how the recording fees/taxes/stamps are to be split.

Your problem is with the new GFE, not the lender. The new GFE is not consumer friendly, although that was the intent. I never thought I would see a GFE without a monthly payment, but there you go.

1 800 CALL FHA is where you should call if you can't make heads or tails of the new form. It had the best intentions, but the poorest of executions and usefulness.

[Kafffy]

^ re: new GFE. In our case a day later when we queried our loan officer we received the "correct" GFE with the amounts split out as they should be. It seemed clear it was a human error. (It was the borrower/seller/lender split on the Summary that was wrong)

[vvfong]

Originally Posted by mb4play

can i still run away from then after signing all those paper without any penalty?

Hi there, would like to know how did things go at your side? I have similar problems with my current lender and I thought of switching but am worried about the penalty etc.