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neversaynever
1044 Posts |
 Posted - 07/14/2008 : 09:46:24 AM
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This is a GFE generated today from Bank Of America, on their No closing cost loan program. Borrower is Full Doc, 90% LTV (BOA has no PMI), and 780 credit. Take a look, sorry about the format:
Estimated Closing Costs
View estimated closing costs associated with the mortgage you selected. These are the items you will see on the Good Faith Estimate that you will receive when you apply for a mortgage. Because these items are standard, you can compare the fees between many types of mortgages.
Mortgage Information:
30-Year Fixed-Rate Mortgage
Interest rate: 6.375
Annual Percentage Rate: 6.483%
Points: 1.015
Monthly payment (principal and interest): $1,360.04
For adjustable-rate mortgages, rates are subject to increase after the initial fixed-rate period. A 30-year loan term applies to adjustable-rate mortgages.
Standard Fees No Fee Mortgage PLUS
Items payable in connection with the loan – HUD series 800
HUD 802 Loan discount fee Standard Fees $2,212.70 No Fee Mortgage PLUS$2,212.70
HUD 808 Tax lien service fee Standard Fees $82.00 No Fee Mortgage PLUSPaid by Bank of America
HUD 811 Application fee Standard Fees $200.00 No Fee Mortgage PLUSWaived
HUD 815 Flood hazard determination fee Standard Fees $11.00 No Fee Mortgage PLUSPaid by Bank of America
HUD 876 Lender closing fee Standard Fees $619.00 No Fee Mortgage PLUSWaived
Subtotal Subtotal of standard fees $3,124.70 Subtotal of No Fee Mortgage PLUS$2,212.70
Items to be paid in advance(premiums) – HUD series 900
HUD 901 Prepaid interest Standard Fees $1,142.26 No Fee Mortgage PLUS$1,142.26
HUD 903 Hazard insurance premium (12mos) Standard Fees $969.57 No Fee Mortgage PLUS$969.57
Subtotal Subtotal of standard fees $2,111.83 Subtotal of No Fee Mortgage PLUS$2,111.83
Items used for escrow/impound reserves – HUD series 1000
HUD 1001 Hazard insurance reserves (3mos) Standard Fees $242.39 No Fee Mortgage PLUSWaived
HUD 1004 County property tax reserves (11mos) Standard Fees $2,666.32 No Fee Mortgage PLUSWaived
Subtotal Subtotal of standard fees $2,908.71 Subtotal of No Fee Mortgage PLUS$0.00
Additional title charges – HUD series 1100
HUD 1101 Settlement/closing fee Standard Fees $200.00 No Fee Mortgage PLUSPaid by Bank of America
HUD 1109 Lender's coverage Standard Fees $525.00 No Fee Mortgage PLUSPaid by Bank of America
HUD 1125 Courier fee - settlement agent Standard Fees $50.00 No Fee Mortgage PLUSPaid by Bank of America
Subtotal Subtotal of standard fees $775.00 Subtotal of No Fee Mortgage PLUS$0.00
Government recording/transfer charges – HUD series 1200
HUD 1201 Recording fee Standard Fees $75.00 No Fee Mortgage PLUS$75.00
Subtotal Subtotal of standard fees $75.00 Subtotal of No Fee Mortgage PLUS$75.00
Total Estimated Costs Total standard fees $8,995.24 Total No Fee Mortgage PLUS$4,399.53
These rates were obtained using information you provided and assuming your credit history is in good standing. This is not a credit decision or a commitment to lend; credit is subject to approval. The actual terms of your loan will vary depending on factors such as your credit history when you apply. Until you lock your rate, rates and terms are subject to change without notice. Additional programs are available.
The closing cost summary is to help you understand the fees associated with your loan request. If you decide to apply for the loan, within three business days we will send you the federally required Good Faith Estimate disclosure form. Please note that any applicable county fees are not included above. Your loan specialist will explain these fees, if any, to you.
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adcapCB
79 Posts |
Posted - 07/14/2008 : 10:10:38 AM
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| how are they "waiving" HOI and insurance reserves? or is borrower not escrowing? thats a pretty good chunk of the discounted fees total |
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neversaynever
1044 Posts |
Posted - 07/14/2008 : 10:17:47 AM
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Its my mothers loan, i cant do a loan in her state.
Basically at 90% there is no PMI, total actual loan costs are 1.015% (discount fee), no title fees, and it didn't ask about escrows.
Today on Chase's website 6.375% LMPI @ 90% is par. So basically yes I could match this, but there would be no profit. |
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ownerop
389 Posts |
Posted - 07/14/2008 : 10:19:40 AM
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quote:
Originally posted by adcapCB
how are they "waiving" HOI and insurance reserves? or is borrower not escrowing? thats a pretty good chunk of the discounted fees total
They don't waive anything they just credit the buyer the same amount of the charge to cancel it out. Basically they are paying the closing costs with the premium they make on the loan, and since it's the bank they are making up the money on the servicing over the life of the loan. |
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dkendall1979
10261 Posts |
Posted - 07/14/2008 : 10:21:04 AM
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I just locked a lady's loan today at 6.75%
She's not paying a dime for it. No appraisal, processing, escrow, nothing. I'm paying every penny for her on everything. I told her that if rates went down further, we could refinance again for no cost down the line.
For $4k, I could have gotten her 6.25% and still made the same on the loan.
I don't see this BofA offer as either bad or good, it's fair in my opinion. |
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neversaynever
1044 Posts |
Posted - 07/22/2008 : 2:31:13 PM
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| Wow, from last monday when she applied to yesterday, BOA jumped the rate from 6.375% to 7.125%..... But only brokers do that right? lol |
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austinmp
309 Posts |
Posted - 07/22/2008 : 2:39:54 PM
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| LOL the PLUS is for the added rate before closing! |
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neversaynever
1044 Posts |
Posted - 07/22/2008 : 2:42:05 PM
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| yea you get the "plus" right between the legs... |
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americanheartlan
2237 Posts |
Posted - 07/22/2008 : 2:48:35 PM
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You're looking to make a profit on your mother???
shame on you |
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CoralSnake
10880 Posts |
Posted - 07/22/2008 : 3:20:07 PM
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quote:
Originally posted by americanheartland
You're looking to make a profit on your mother???
shame on you
He is not doing the loan buddy. |
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CoralSnake
10880 Posts |
Posted - 07/22/2008 : 3:20:44 PM
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quote:
Originally posted by neversaynever
Wow, from last monday when she applied to yesterday, BOA jumped the rate from 6.375% to 7.125%..... But only brokers do that right? lol
Did she lock? |
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neversaynever
1044 Posts |
Posted - 07/22/2008 : 3:20:54 PM
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Pfffffffffffffff,
thanks Coral
The application online which involves the credit check is not a lock, you have to go into a branch and fill out the 1003 and everything. Thats quite a big swing for 5 buisiness days though, |
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mgraham224
1008 Posts |
Posted - 07/22/2008 : 10:13:08 PM
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I originated my mom's loan on her birthday in 2006 (before credit based price adjustments)
Conforming 80% Full Doc, newly retired, income derived from IRA draws, 604 mid score, open collections, tons of derogs (messy divorce). Every lender but one was at 6.0% - PAR.
I did it with the one other lender - Provident, who was paying .75YSP.
So yes, I made .75 on my mom's loan, despite her asking me to take more. And I still have the 3 page stip sheet to prove that the YSP was almost enough to compensate me for my time at minimum wage.
To this day, I can't believe provident funded that loan and not the many 50% LTV 800 credit score deals I've sent them. |
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MortgageBoarder
4016 Posts |
Posted - 07/22/2008 : 11:18:56 PM
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If she locked her rate would not have gone up. Did you not see the market over the last week? Pretty much everyone, including us, has taken a .75 hit over this time frame!
quote:
Originally posted by CoralSnake
quote:
Originally posted by neversaynever
Wow, from last monday when she applied to yesterday, BOA jumped the rate from 6.375% to 7.125%..... But only brokers do that right? lol
Did she lock?
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LoanPro71
2730 Posts |
Posted - 07/23/2008 : 04:13:54 AM
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quote:
Originally posted by mgraham224
I originated my mom's loan on her birthday in 2006 (before credit based price adjustments)
Conforming 80% Full Doc, newly retired, income derived from IRA draws, 604 mid score, open collections, tons of derogs (messy divorce). Every lender but one was at 6.0% - PAR.
I did it with the one other lender - Provident, who was paying .75YSP.
So yes, I made .75 on my mom's loan, despite her asking me to take more. And I still have the 3 page stip sheet to prove that the YSP was almost enough to compensate me for my time at minimum wage.
To this day, I can't believe provident funded that loan and not the many 50% LTV 800 credit score deals I've sent them.
Wow .... I've never seen a THREE PAGE stip sheet.
Who processed this loan? 
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