The Department of HUD and FHA made a huge announcement this week. Effective with case numbers assigned April 1st and later, there will be an increase of fees."The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.The UFMIP will be increased from 1 percent to 1.75 percent of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012."What does this mean? On a $250,000 loan the up front charge will go from $2,500 to $4,375 and the monthly payment will increase by over $20.00.Originally offered by [hotlink removed by Zillow moderator] For more information about the specific announcement from HUD click here.Check your loans and act accordingly, from your friends [hotlink removed by Zillow moderator]
Why not reduce the price of the home by the intended sales commission?
Rudy, I appreciate you trying, thanks and have a great Holiday!!
Rudy, they are more into pure developmental work, not individual lots. Thanks
We are looking at property and they are claiming title is not needed because its approved by the Municipality and the Notary (judge). Anyone have any insight?
Pas, BTW, title rates and different in every state, what state is the ZMM quote you are looking at from? Our rates come from the state and are regulated as such.
NO PAS, the way you read it is deception. The agency took 85% of the premium, I NEVER STATED THE REALTOR DID?
OK Pas... Here we go...Title Premium on 400,000 Purchase. (PA) $2358.7515 % to the Underwriter = $353.8185% to Title Agency = $2004.92(Average Costs) 55% = $1102.20Approx. Net Profit per deal $901.80Split 50/50 $450.90 per deal per side.YES they will walk for anything less than half of the profits!!R U kidding me??? We do all the work with many layers of personal touching all aspects of the transaction. What did the Realtor do to earn 1 cent from the title insurance? My question wasn't one of a complaint but was a question. The system, is the system that is "usual and Customary" for our area. It makes no difference if I agree or not, I can either pay, play or leave!The hourly rate by the 19 employees that touch the file?The hourly rate for the closer that closed the file?The hourly rate for the owners?
Connie, Asked, hahahahaha, Demand As Entitled, is closer to the truth. Have you seen my video? http://youtu.be/Ymy3wVAFBno its entitled Title Agent Extortion, Where are you Respa. Check it out, let me know what you think. It's a legal "pay to play" arrangement. THEY call it AFBA or ABA or JV, I call it KY!