Fidelity Mortgage Services is a licensed Correspondent Lender in the State of Florida.  We service mortgage needs throughout the entire State.

Per the state of Florida guidelines, the Florida Mortgage Brokerage Agreement and applicable Florida Addendum is signed.

Fidelity Mortgage Services utilizes automated underwriting programs for both Fannie Mae and Freddie Mac, DU and LP respectively.  We also use the loan software Calyx Point.

Per signed Lock-in Agreement.  Clients rates are locked after discussing all available options.

 

Lender Fees and Other Settlement Costs:

Joe Bartolotta at Fidelity Mortgage Services guarantees lender, broker and third-party closing costs on the day that the rate is locked. If any of these costs at closing are higher than those shown on the good faith estimate given to the borrower at the time the rate lock is confirmed, the company will pay the difference.

Broker Fees

Joe Bartolotta at Fidelity Mortgage Services negotiates fees on a case-by-case basis. Some of the criteria that go into the determination of our fees are: Loan Amount, Credit History, Documentation Type, Borrower Participation, and Closing Time Frame. Typical Fees are as follows:

Origination Fee:

Typically 1% of the loan amount

Processing Fee

$400 which includes the credit report, Fed Ex fees, and processing fee to get loan package to the lender and payment of loan processor and transaction coordinator.

Lender Fees

Wholesale lenders charge a fee to underwrite the file, prepare the loan docs and fund the loan. This also includes the tax service fee and the flood certification fee.

Appraisal Fee

Ranges between $300-$450 depending on type and size of home.

Yield Spread Premium

The spread that the bank pays us to deliver a certain rate to the customer. Joe Bartolotta at Fidelity Mortgage Services always discloses this fee.

I do not charge a Broker Fee.