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NBR - any mortgage gurus out there?

Phelia325Phelia325 member
in 3rd Trimester

My mom is refinancing and showed me her good faith estimate.  i noticed two charges that I have never seen before (i have purchased houses and refi'd in the past) and i suspect they are "junk fees" according my my google research.  she asked the broker, who assured her that the bank includes those fees and they don't run up his profit. i don't believe it.

the fees are:

Loan Set-up Fee - 455

Table Funding Fee - 255

any thoughts?

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Re: NBR - any mortgage gurus out there?

  • CeltiCutieCeltiCutie member

    from what I google it's all dependent on the lender... Mostly they seem to just be junk fees though.

     

    https://answers.yahoo.com/question/index?qid=20061018061611AA1IiaS

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  • Amber&JesseAmber&Jesse member

    I was lurking but might know the answer to you question...The Loan Set up fee is probably a fee for behind the scenes things that take place (preparing of docs and selling the loan fees ect) and the table funding fee is probably a fee charged by the title company (it's does seem a bit high though)  BUT the broker is correct-he doesn't get anything from them. 

    That's my experience and I am a mortgage processor at a small bank. 

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  • AngelaEsqAngelaEsq

    I am a NJ attorney and do practice real estate.  I see all kinds of fees on the good faith estimate.  If it were my own loan, I wouldn't want to pay that fee.  When a broker is involved, the more fees you will see.

    Honestly, if they are unwilling to negotiate the fee, then your only other choice is to find another lender/broker or pay the fee.

     What it really comes down is how much is your mother paying in TOTAL closing costs, and how many points does that equate.  Then you can see if the deal is a dud.

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  • TxJen1972TxJen1972
    Looks like they are junk fees. I would talk to the lender to see if they will waive them.
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  • Amber&JesseAmber&Jesse member
    ALSO...she might get less fees by just going to a bank instead of through a broker.  Because most broker sell their loans to Wells Fargo, CitiBank or Countrywide so she might have less fees if she goes straight to the bank.  It's worth a shot if she hasn't locked in with the broker yet!
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