mortgage: Good Faith Estimate Part 4 - 02/13/07 12:34 PM
Line 102 and 1203
Rarely used.
Line 1302 * Pest Inspection Fee
This depends upon local need. If required by lender see. Always required on VA loans.
Unnumbered Comparison To Broker (Not Paid Out Of Loan Proceeds)
This is the "Yield Spread Premium" paid by the lender/investor to the mortgage broker, if not for the YSP you would have to pay this much additional at closing. YSP is much maligned but great for the consumer, See the article: A Consumers Guide To Mortgage Brokers And The Evil Yield Spread Premium
.Line 901 *Interest for __ days
Mortgage interest is always paid in the arrears, meaning you pay … (1 comments)

mortgage: Good Faith Estimate Part 3 - 02/13/07 06:28 AM
Line 803 *Appraisal Fee
The estimate cost of the appraisal. This rarely varies except when additional inspection are required because of unfinished work or required repairs.
Line 804 *Credit Report
The cost of the credit report, this can go up as the actual lender may require additional reports or an electronic report may need supplemented.
Line 805 *Lender's Inspection Fee
Rarely used.
Line 806 *Mortgage Broker Fee
The latest name for what brokers use to call a processing fee, it now includes any fee charged by the broker not included on lines 801 and 802.
Line 809 *Tax Related Service Fee
This pays for an independent company that reports to … (1 comments)

mortgage: Good Faith Estimate Part 1 - 02/12/07 12:15 PM
Figures don't lie, but liars figure!
It is never so true as in "The Good Faith Estimate!" If that weren't bad enough for the real estate consumer the liars' figures get exponentially distorted, when applied to the "Truth In Lending" form! These are government mandated disclosures that lend an air of respectability that totally missleads the consumer! That air is better described as lender flatulence, it reaches it's most offensive odor with the "Annual Percentage Rate" (the proverbial, APR)!
This is the first in a short series where we are going to take a line by line look at the "Good … (2 comments)

mortgage: It's the last day of the year 2006 - 12/31/06 06:19 PM
Listed below is?
A. The posted wit and wisdom of William J Archambault Jr.
B. Bill's folly.
C. All of the above.
D. None of the above.
Your final answer is:
A.   B.   C.   D.
I've posted 53 blogs since joining August 9, 2006, I hope some have been relevant and helpful. I've commented on 418 blogs about half just social, but many were serious discussions with some of the best minds currently in real estate and mortgage lending.
I've made some friends, I've corresponded and talked with some great people!
What have I gotten out of four months participation in Active Raine?
This one is not debatable. The final … (5 comments)

 
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William J Archambault Jr

Houston, TX

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The Real Estate Investment Institute

Address: The Real Estate Investment Institute, 448 W. 19TH St. Suite 245, Houston, TX, 77008

Office Phone: (702) 516-1569

Cell Phone: (832) 259-7078

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