1st off there is no reason to get personal. Rather than being aggressive and arrogant why not just take a friendly approach and ask. None of you lend in NC so there is no reason for you to have details of costs and fees in NC.3 questions/ issues here. 1- jurisdiction fees. Being that this part of the conversation is dropped you must have realized there are none. 2- NC has the lowest closing costs in the country. See the link this is not my opinion.http://www.bizjournals.com/birmingham/stories/2008/08/04/daily34.html 3-unattainable quote on title insurance. 2 that I have used recently is Title Company of NC and Attorneys Title. Both have reissue rates in NC of $1/$1000. This is not some guarded secret because if you look at multiple lenders quotes in NC you will see that they are all +/- $1/$1000. Do you think this is some well orchestrated conspiracy between a couple dozen quoters in NC or maybe just maybe its true?
Greg,I share your fustration but it should not be directed at me. My title insurance was quoted at $600 not $500 - that was the attorney fee- which is very doable at a reissue rate of $1 per thousand on a $597,000 loan. I didn't understand where you were coming from with the question on jurisdictional fees so I checked out some of your quotes and now understand your question. We do not have these fees in NC. No fee is paid to any level of government agency except a recording fee which is no more than the $90 I quoted. NC has the lowest closing costs of any state in the country. I noticed that you do not do business in NC so that explains why you wouldn't know this.
Obviously my previous post does not apply to bugs that are being worked out of the program.
I share your fustration but the reality is the system is not as bad as everyone is making it out to be. The system asks you to complete a GFE- that shouldn't be hard for a LO.It is the person entering the information that is the problem not the computer program-- the program works fine if used as designed.
Mike, Your probably right but why not try to improve the format given us?Start a thread for Arizona so a borrower can easily find it.If we all--- the honest ones---support each other in providing this information it can only help .
If any of these fees are not on your quote they are being hidden by quoter because they are needed to close a loan and will show up on your final settlement statement. Any or all of these may be credited back to you from lender or broker but they are still being paid and washed out with a credit and should be disclosed to you that way.Appraisal- $350-$450 depending on home size.Underwriting fee- $450-$750. This may include tax service fee and flood cert or could be seperate--- tax service is $70- $85 and flood cert is $7.50- $15.Attorney/ escrow or title search fee- $450-$550. Includes courier or wire fee charged by attorney.Titl insurance- variable on loan amount. $1 per thousand on refinance or $2 per thousand on purchases.Recording fee to county- $90 Other possible fees are application. originaiton, or broker fee though these do not apply to every loan. How about everyone else----- post your state or states so that the borrowers know what to look for.
Without keeping track I would guess that 75% of quotes have no fees besdies 800 section in NC. These are both in state and out of state quoters. If you can't properly fill out a GFE in your own state, knowing what 3rd parties services will be required to close a loan, you should be banned immediately, . I know the client could chose their own attorney and you don't know what they charge but I know they don't work for free. Title insurance and recording fees are not free either.Zillow should take a poll of the top 10 lenders in each state and get figures to auto populate a GFE with besides lender fees, then just have FHA as a choice.If the top 10 zillow lenders have an average attorney fee of $500 I would be fairly confident in that figure.I can give attorney, title insurance, and recordng fees for my state as I am sure most of you can.
Flag the quotes that are not correctly disclosing fees. I am sure Zillow is being overwhelmed at this point as I have seen much of the same and have been flagging them. When you look at the deatils of the lenders quote on the left side there is an option to flag this quote, click on that and let illow know why you believe the quote is not honest.
Wells Fargo is taking locks on 90% investment properties- at least here in NC- through close of business Friday if I remember the email correctly- can't find it right now. Don't know when it has to close by but don't have much time either way.
CL- hopefully she means 2% of closing costs not loan amount.$5k in closing costs is less than $100 off to be 2% which is fine.