I am currently reviewing a client's estimated settlement statement before their signing and I just am so frustrated!

There ought to be a law!

How can bank force Buyers to use their discount title companies, then allow the title companies to charge whatever they want?


Here are the fees that the title company is charging my Client:

Purchase Price: $320,500 FHA fixed

Escrow fee:                           
$891 (Wow.. that seems a little steep..shouldn't it be more like $400?)

Title insurance:                
$1674

Buyer Messenger Fee:        
$35 (Did you send the Buyer a secret message I did not know about?)

Sub escrow fee:                    
$62(What?.. Didn't they already pay you a hefty escrow fee?)

Loan tie-in-fee:               
$200 (tie into what?  There is only one loan?)

Processing Fee:                  
$150 (You mean the escrow fee did not cover it?)

Courier Fee:                    
$24

Buyer Archive fee               
$50 (Wow.. now you are getting creative!)

Wire Fee                        
$25
Archiving Fee #2                
$50 (OK... now you are pushing it!)

It seems to me that as a Mortgage Professional I have to fully disclose all of my fees upfront.  So why is it a title/escrow company can charge a borrower, on a FHA loan especially, whatever the heck they want?

When I called the title company to challenge these fees, I pretty much wasted my breath.. but I had to try! I was pretty much told ....Deal with it! These are our fees and I don't have to explain them to you!

There seems to be no recourse for the Buyers involved with these southern California title companies and that really does not sit well with me.

I also wanted to point out there seems to be a trend with increased fees for Borrowers who are having the bank pay their closing costs.

Just a day-in-the-life of a this crazy Sacramento foreclosure market!