I understand that management companies can charge a fee for the administrative time it takes to fill out a Co-op survey for a bank. Mine charged the appraisal company $150 and I did not find this out until I received a modified GFE with a higher appraisal fee. When I contacted my lender he discovered this fact for me. I have to sign and authorize every other charge relating to a loan. Is this the... [more]
I understand that management companies can charge a fee for the administrative time it takes to fill out a Co-op survey for a bank. Mine charged the appraisal company $150 and I did not find this out until I received a modified GFE with a higher appraisal fee. When I contacted my lender he discovered this fact for me. I have to sign and authorize every other charge relating to a loan. Is this the way a management company usually handles such a transaction? I feel like our co-op is being taken advantage of and this was behind my back. Is this normal procedure or do I have any recourse? I mean, I may have been able to have had a board member do it for free or have them get the charge for our corporation which receives no part of that fee. Obviously I don't want to do anything that will mess up my refi. Thanks for any tips.
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