Refinance application wording?

[Qacer]

Is the following wording common in many refinance application forms?

"I/We understand that Lender carefully considers every mortgage loan application. However, if a Lender is, for whatever reason, unable to approve my (our) application, I (We) by signing below request and authorize Lender to forward my (our) application, together with all supporting documentation, including any credit report, to another lender for consideration under its credit program, or to selected third parties or service providers."

I think I'm okay until they mention selected third parties or service providers. I'm not really sure what these "non-lender" entities would have to do with the actual loan if they are not lending you any money.

 

[FallenHero]

Uhhhhhhh, I'd be weary about that.

 

[pcgeek11]

I have never seen that wording in any of mine... I would not allow it.

 

[Texashiker]

by signing below request and authorize Lender to forward my (our) application, together with all supporting documentation, including any credit report, to another lender for consideration under its credit program, or to selected third parties or service providers."

In other words, whoever your trying to refinance through is going to get a commission for referring business to another company.

If I were you, I would ask if the company gets a commission for referring business to another finance company. If so, you want a percentage of the commission.

Write in the contract that if the contract is referred to another company, that you want a flat rate fee of $1,000 for the referral.