I recently worked with a customer that claimed she was getting 6% on a 30 year fixed mortgage with $1000.00 in closing costs for a $200,000.00 mortgage at 70% LTV rate term refi... at the time par was at 5.875. I asked the customer for a copy a the Good Faith Estimate. Her other lender has charging 2 points on the front end for origination and claimed that point don't count towards closing costs... needless to say she was not pleased to learn that she really had $5000.00 in closing costs... we closed her loan at 6.375 and a true $1000.00 in closing cost... lets use be honest... and maybe the feds won't continually want to regulate or monitor our YSP.
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