mortgage fees - Articles

Fee Hikes for U.S.-Backed Mortgages Are Put on Hold

AP The U.S. regulator for Fannie Mae and Freddie Mac on Wednesday instructed the two taxpayer-owned mortgage finance companies to delay the increase in fees on government-backed loans that the agency announced last month. Mel Watt, the new director of the Federal Housing Finance Agency, said he would postpone the price... Continue Reading »

Mortgage-Fee Hikes Will Be Put on Hold, Mel Watt Says

The Associated Press By Margaret Chadbourn Congressman Mel Watt, the incoming director of the Federal Housing Finance Agency, said he plans to delay the increase in fees on government-backed loans that the agency announced this month. The North Carolina Democrat was nominated by President Barack Obama in May and... Continue Reading »

Crunching the Closing-Cost Numbers: How to Finesse Mortgage Fees

Shutterstock Taking out a mortgage is only done a handful of times in one's life. Whether you're buying a home or refinancing a mortgage, closing costs are an inevitable part of the transaction. And keep in mind, closing costs on purchase transactions cost more than they do for refinances. With that in mind, here are... Continue Reading »

How to Avoid 'Junk' Mortgage Fees

By Jerry Kronenberg Homebuyers and refinancers can save potentially hundreds of dollars or more on their mortgages if they make sure their banks throw out "junk" fees. " 'Loan-application fee,' 'processing fee,' 'funding fee' -- lenders come up with so many names," says Polyana da Costa, senior mortgage analyst at... Continue Reading »

Fannie Mae Raises Mortgage Fees

Fannie Mae will be raising its mortgage fees this spring in an effort to cover its risk, or perhaps to make up ground for the losses it felt with the housing downturn. So although homebuyers might benefit from the lower prices on homes for sale, you'll be paying more in fees, when and if you qualify for a Fannie Mae... Continue Reading »

Mortgage Closing Fees Surge: How to Keep Yours Low

A recent report suggests closing costs on mortgages are skyrocketing, with direct bank fees up nearly 23 percent and third-party fees up more than 47 percent. First, the sort-of good news. The survey isn't measuring actual fees levied on completed mortgages; instead it measures the so-called good-faith estimates of fees... Continue Reading »

Closing Costs on New Mortgages Up 36.6 Percent

The average origination and third-party fees on new mortgages are up 36.6 percent over last year. In 2009, the average costs for closing a mortgage totaled $2,739, but that cost is up to $3,741, based on BankRate.com's 2010 Closing Costs Survey. The biggest difference is in third-party costs for appraisals and title... Continue Reading »

Yield Spread Premium Mortgage Fees Banned by Federal Reserve

The Federal Reserve has banned mortgage fees you probably weren't even aware of, but that were inflating your home-loan interest rate. On Monday, the Fed announced it was banning yield spread premiums, or YSPs. YSPs are essentially bonuses that lenders paid to mortgage brokers who steered them high-interest loans. The YSP... Continue Reading »

Closing Costs: No Surprises

Many homebuyers mistakenly arrive at closing unprepared for a laundry list of closing costs: major and minor fees that are a routine part of any home purchase. This can be because the lender increased fees on lender-controlled aspects of a transaction, or because a buyer chose a third party (appraiser, inspector,... Continue Reading »

Brokers' Hidden Fees Led Home Buyers Astray

In my last post, I began to lay the groundwork for the argument as to why the mortgage (and real estate) markets need radical transparency to restore consumer and investor confidence. I described my experiences working in the industries and my resulting opinions -- most specifically about a little-known fee called the... Continue Reading »

Mortgage Market Needs 'Radical Transparency'

During Times of Universal Deceit, Telling The Truth is a Revolutionary Act - George Orwell. One of my favorite quotes. It brings me back to an epiphany I had in my former life as the owner of a mortgage brokerage, real estate brokerage and construction firm. The epiphany was about transparency -- or the lack thereof -- in... Continue Reading »

Consumer Protection? Read the Fine Print

After months of delay, on Friday the House of Representatives passed its "Wall Street Reform and Consumer Protection Act," 223-202. That fairly tight vote should tell you something: this reform is a 1279-page tissue of compromise. Let's leave the first part to others to dissect, for now, and focus on what "consumer... Continue Reading »

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