topic Re: GFE Review from NFCU (Comments Welcome) HELP in Mortgage Loans

GFE Review from NFCU (Comments Welcome) HELP

ronq — Wed, 18 Feb 2009 00:30:37 GMT

Sales Price   $155,000   Down   Payment $15,500
Loan Amount $139,500 Interest 5.125%
Middle Score 725
Conventional 30 Fixed
Section 1 – Lender, Government and Settlement Fees

801   Origination (1.0%)       $1,395.00
802   Discount Fee (.250%)       $348.75
803   Appraisial Fee           $400.00
804   Credit Report           $14.00
810   Tax Set-Up Fee       $5.00
811   Tax Service Fee       $45.00
814   Flood Determination Fee   $7.00

1101   Settlement Fee (Attorney)   $1,150.00
1108   Title Insurance       $733.00

1201   Recording – Deed       $200.00
1204   Recordation           $2,790.00

1301   Survey Fee           $400.00

       Section 1 Total   $7,487.75

Section II Good Faith, Prepaid Interest, Insurance Premiums and Escrows

815    Good Faith Fee             $250.00    (Refunded prior to Close)

901    Prepaid Interest (16@19.587/day)    $313.40    (Incl. In 1st Payment)
903    Hazard Ins Premium            $418.50

1001    Hazard Ins Escrow 2mos. @40.03)    $80.06
1004    County Property Taxes Escrow
    8 mos. @ 433.33 MO            $3,466.64
        Section II Total        $4,528.60

        Total                $12,016.35
        Minus Line 815 & 901    $563.40

                Total        $11,452.95

P&I        $759.56
PITI        $1,232.92

Message Edited by ronq on 02-17-2009 03:29 PM

Message Edited by ronq on 02-17-2009 03:35 PM

Message Edited by ronq on 02-17-2009 04:30 PM

Re: GFE Review from NFCU (Comments Welcome) HELP

ronq — Wed, 18 Feb 2009 02:31:33 GMT

Shane/DLG,

Should I be talking to one of you or is this a fair deal? NYS is horrible, but I am just wondering.

Re: GFE Review from NFCU (Comments Welcome) HELP

ShanetheMortgageMan — Wed, 18 Feb 2009 03:06:26 GMT

Recordation fee seems high for NY. Last year helped someone buy in Rockland County, $420k sales price, section 1100 & 1200 fees were:

1106 Notary fee for $125

1107 Attorney fee for $1,550

1108 Title Insurance for $2,373

1111 Searches for $300

1112 Endorsements for $100

1201 Recording fee for $350

1203 State Tax/Stamps for $4,212 (seller paid $1,680)

1303 Overnight fee for $100

Now perhaps your neck of the woods in NY has a recordation fee (Maryland and some other areas do) but if you are in the NYC area (unlikely with your sales price I figure) then you shouldn't have one to my knowledge.

Re: GFE Review from NFCU (Comments Welcome) HELP

ronq — Wed, 18 Feb 2009 03:13:55 GMT

Thanks Shane, I will inquire about this fee. The LO said that this GFE would be high because they don't have alot of experience with this area in upstate, NY. I was hust wondering because I have been on here for a while and couldn't really see any junk fees that you guys normally point out. Thank you very much for looking this over.

Re: GFE Review from NFCU (Comments Welcome) HELP

ShanetheMortgageMan — Wed, 18 Feb 2009 03:16:13 GMT

Welcome. Odd that NFCU would send something out without making sure it was accurate, not like them, but perhaps they just wanted to get you something in hand. It probably is high, I wouldn't expect the mortgage tax to be higher than 1% of the amount you are financing, and no recordation fee, but it'd be something I'd definitely call a local closing attorney/title company on.

Re: GFE Review from NFCU (Comments Welcome) HELP

ronq — Wed, 18 Feb 2009 03:25:42 GMT

Thnaks again Shane, The taxes here are pretty ridiculous especially school, but I really didn't recognize the

Recordation Fee. Other than that does it look like an honest GFE?

Re: GFE Review from NFCU (Comments Welcome) HELP

ShanetheMortgageMan — Wed, 18 Feb 2009 04:13:21 GMT

Yeah the section 800 fees are good for the rate & your FICO score.