Help with Good Faith Estimates...

[ShanetheMortgageMan]

Much better in terms of the rate/points.  Like I mentioned before, there are some section 800 fees that I think should be on NVR's GFE that aren't.  Section 900, 1000, 1100 & 1200 are all 3rd party costs and are a function of the title/escrow services that are chosen and where you are buying (for local taxes, etc.), the lender doesn't determine any of them.  Section 800 fees (outside of origination & appraisal fees) usually total up to about $600-800 from the lender, so that is normal.  Doc prep, processing, underwriting, etc., is all just code word for "work that we have to do".  There are many hands that work on each person's loan, and those costs pay for those people's work (receiving, imaging, account manager, receptionist, underwriter, doc drawer, funder, etc.).

Message Edited by ShanetheMortgageMan on 12-04-2008 09:03 AM

[Anonymous]

My section 800 fees are $1445  

$450 Appraisal Fee

$280 Processing Fee

$350 Underwriting Fee

$15   Flood Cert

$100 Application Fee

$250 Document Preparation

Are these commonly negotiable?

Also on the GFE are columns headed PFC S F and POC.

Any idea what these mean?

[ShanetheMortgageMan]

They are $995 excluding the appraisal.  I'd see if they can knock off the application fee, that surely isn't needed, or if it's an upfront cost, then it should be treated as a credit you are giving them and then it'd be applied towards your "funds to close" at the end.  I doubt they can change much on the other fees except for processing.

PFC = is a Prepaid Finance Charge and affects the APR on the TIL disclosure

F = FHA allowable

S = Seller Paid

POC = Paid Outside of Closing (like the appraisal fee will likely be)

Message Edited by ShanetheMortgageMan on 12-04-2008 09:36 AM