11-14-2012 11:21 PM
This picks up from an earlier thread...Yes, The $500 is usually to protect the lender for appraisal cost and other fees....To not charge those to a borrower up front is almost unheard of now a days. Does anyone here know of any other business that puts themselves on the line like that? My company did up until last year and we were constantly getting burned from customers jumping ship. A few years ago you wern't at the same risk as a lender because appraisals were transferable. Today mostly they are not from lender to lender.
Thanks for the information. It's easy to understand from the business point of view. I'll search around and see if I can get a better deal.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO