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 the lender for verifying that the taxes and insurance are paid, This protects both you and the lender.
Line 810 *Processing Fee
Mortgage brokers are required to label chargers as the investor/lender does, this is a rarely used third party fee. The brokers fee is now listed on line 808.
Line 811 *Underwriting Fee
Investor/lender third party fee.
Line 812 *Wire Transfer Fee
This may or may not be charged by the investor/lender or by the escrow company.
Line 1101 *Closing or Escrow Fee
Third party fee for closing services. This fee will be what it will be, it's better if this estimate is high.
Line 1105 *Document Preparation Fee
Investor/lender third party fee.
Line 1106 Notary Fee
Normally included on line 1101. This fee will be what it will be, it's better if this estimate is high.
Line 1107 Attorney Fee
If required. This fee will be what it will be, it's better if this estimate is high.
Line 1108 Title Insurance
This is the "lenders policy" not the "owners policy" generally provided by the seller to the buyer. This fee will be what it will be, it's better if this estimate is high.
Line 1201 Recording Fees
The local "Recorders office" charges. If this varies between lenders it is only because they don't know how many pages will need recorded. This fee will be what it will be, it's better if this estimate is high.
This is eddied copyrighted material from "Get The Money / A Consumers Guide To A Successful Mortgage Application" republished here by the author with permission of the publisher. Watch for the next part and then "Truth In Lending."
Bill
William J Archambault Jr
The Real Estate Investment Institute
Links:
Part 1Good Faith Estimate Part 1
Part 2 Good Faith Estimate Part 2
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