Thursday, September 9, 2010

Can a lender charge a modification fee to release money in escrow and waive escrow requirements for a home?

My lender has screwed up my escrow, so I want to pay my insurance and tax myself. I am allowed to waive the requirement but the lender wants to charge me 1/4 of a point of my original loan amount for what they call a modification fee. Can they do this legally?