jpalacios161 wrote:
These are the fees listed on good faith estimate. Is this like this for everyone? Also do they roll these into the loan? Ours shows to be rolled into it.
loan origination fee $892.40
appraisal fee $450
processing fee 4550
underwriting fee $950
closing or escrow fee $200
document prep fee $175
title insurance $175
carrier fee $45
survey $486
but yet they ask for $450 check for the appraisal up front.
origination = lender/loan officer profit
appraisal = paid to a 3rd party
processing = processors are paid employees. this $450 fee is in line
underwriting = again, paid people to underwrite the loan. this is a little high, but there are a couple of fees not on here(flood cert, tax cert, lender doc prep/attorney) so it may be in line
closing/escrow = pays the agent in the title office or attorney's office to close your loan
doc prep = since it is among the title fees, this is a 3rd party fee
title insurance = this is the lender's policy. the buyer's policy is more and paid by seller in most cases
courier = not supposed to charge this unless thy incur the cost
Retired Lender