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Mortgage Lender Fees [Don't be fooled by your mortgage lender!] - YouTube
Channel: Mortgage Education & Finance with Stephanie Weeks
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if you look and say i'm comparing lender
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a to b and one is eight thousand and one
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is nine thousand
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and one is estimating really low home
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insurance and one's on point
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if you're not looking at the lender fees
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and you're just looking at a total
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you're messing yourself over you really
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really are
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good morning good evening or good
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afternoon today's topic
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is lender fees what they are what
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they're not
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how do they work and what do they mean
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if you want all of the scoop i've got it
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for you so stay tuned
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till the end welcome to your one stop
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shop for
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anything and everything mortgage
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education my name is stephanie weeks and
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i have helped
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thousands and thousands of customers
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with their mortgage financing
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i've been a loan officer for 17 years
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recognized in the top 1
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of loan officers in production for the
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past
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several years in a row by mortgage
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executive magazine
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i also have been recognized by the
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scotsman guide of
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top originators i drop new videos every
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tuesday
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and every saturday please subscribe to
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the channel get the bella be notified
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and don't forget to share with your
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friends and family
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lender fees versus title fees versus
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prepaids
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versus clerk of court versus appraiser
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oh
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my it is a mouthful there's a lot that
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goes into this there's a lot of
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confusion i really want to clear this
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up for you today so let's dive right in
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lender fees are part of closing costs
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lender fees are not all of closing costs
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a lot of people get really confused i
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hear people say things like
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man the lender fees are so expensive
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they're like ten thousand dollars
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don't get me wrong i've seen craziness
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like that that's not normal
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at all it's not typical either what
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they're probably referring to when
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they're using such a large number might
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be
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the closing plus the prepaids which
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includes the lender fees
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but they're a little part of that this
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is what i tell my personal clients that
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for me as a lender
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when you're looking at your fees
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worksheet or your closing disclosure
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your loan estimate those are a few
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different variances
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where they break down line by line and
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fee by fee
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what it is that you're paying the hard
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part for me about being a lender is that
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i'm supposed to estimate all these
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numbers in the very beginning of your
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process
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and i tell my customers look if you look
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at that line those line items and all
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they're all listed out
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you might see 17 different line items
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15 20 like it's it's a lot of
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individualized
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numbers and fees right and of those 17
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to 20
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two belong to me two or me as the lender
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now every lender is different one lender
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might have ten one lender might have six
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who knows
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but my point here is the lender fee
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is a small portion of the total closing
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cost
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i want to decipher each and everything
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differently for you here today in this
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video
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so i wanted to break it down into a few
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different topics that i would cover
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lender title company clerk of court
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tax assessor home insurance or that
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falls under prepaid items
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and then escrow setup which also falls
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under
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prepaid items let's start at the bottom
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escrow setup
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that's where we're collecting enough
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money and putting it in escrow so that
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every single month
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when you pay into your mortgage in 12
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months or however many months when that
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tax bill or that insurance bill comes
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due there's enough money there in that
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escrow account
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to pay that that is the escrow setup
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that has to do with the lender that's
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not a lender fee
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they are collecting home insurance
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property taxes mortgage insurance
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flood insurance things like that that
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apply in this
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situation then you also have your
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home insurance the home insurance is
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collected generally for the first year
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up front
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and paid directly to the home insurance
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company
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that is also not a lender fee the lender
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makes no money on those things i'm just
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talked about so far
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and they are not earning money on your
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money by putting it in an account
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where they can earn interest on your
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money it's actually not something
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they're allowed
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to do so that home insurance is paid
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directly to the home insurance company
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and that is also one of those long line
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items of
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our laundry list of items that are
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collected at closing
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then you've got i said clerk of court
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the clerk of court is going to be
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charging you as the borrower whether
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you're a buyer or refinancing
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they're going to be charging you as the
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borrower to record
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your new mortgage so that people know
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hey this
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person has this mortgage this person
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owns this home
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and if you are a seller in this instance
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then you'll even be paying the clerk of
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court because you'll be paying them to
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release any mortgages or lanes that you
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have
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so that that is lean free to then
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transfer ownership
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to that new buyer if we're talking about
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a purchase
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then of course i mentioned title company
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you've got title company fees
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they charge for things such as doc prep
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closing protection letter maybe storage
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fee maybe a notary fee different things
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like that a settlement fee
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they have all different kinds of things
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they charge there's all different kinds
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of names for it
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it's basically for the title company to
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do their portion
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of this transaction you've also got a
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big one which is title insurance
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there's lender's title insurance and
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there's owner's title insurance
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and that's something you want to make
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sure you look into when you talk to the
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title company about a lot of people have
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a lot of misconceptions about that as
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well and think it's a waste of
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time and money i don't necessarily agree
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with that but hey you can form your own
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opinion
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i want to sign it for one second and say
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that
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we've been what talking here for three
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four five minutes already and
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we've been talking about a lot and i
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haven't even gotten to what the lender
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charges yet do you see how the lender's
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not really that
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huge of a part of the closing cost i
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mean yes
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absolutely there are fees involved but
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the lender's just a couple of fees in
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this very long list of fees
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that go into a mortgage transaction
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whether it be a purchase or whether it
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be a refinance
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let's recap escrow setup home insurance
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clerk of court
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we talked about the title company we
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talked about the title insurance
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next we're going to talk about the
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appraiser of course it's required by the
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lender
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it's not a lender fee though in my
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opinion it's an appraiser fee
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the appraiser gets paid to appraise the
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properties you've got your appraiser fee
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what does that leave us last but not
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least since i started from the bottom
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and moved my way up to the top
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that leaves me with lender fees every
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lender is different
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some lenders charge origination fees
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some lenders charge
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underwriting processing dock prep
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du fees lp fees you've got
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tax cert fees you've got flood
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cert fees administration fee
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verification of deposit fee
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verification of employment fee which is
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vod or voe
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those are there's so many different
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variations of what the lender can
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will and or choose to charge you and
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you just want to look at that ask
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questions
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make sure it's something that you're
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understanding make sure you're
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comfortable paying those fees and what
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that is
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i have seen just from comparing quotes
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when customers have sent them to me or
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borrowers have sent them to me to look
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at i've seen these where the lender
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charges next to nothing
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and you're paying for that somewhere so
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don't get too excited it's usually in
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the rate
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where you're paying lender fees that are
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maybe next to nothing and i have seen
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where it has been
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mind-blowingly insane and it's thousands
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and thousands of dollars
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in lender fees what i don't love
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is when people say oh that lender fee is
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just a junk fee
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let me tell you it's not cheap to be a
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lender
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at all and the fees aren't necessarily
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jump
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literally when we go to run an approval
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for you through du or lp
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they charge money we pull a credit
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report for you
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they charge money we go to verify your
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employment
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guess what a lot of times they charge
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money 20 to 50 bucks i've seen
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just to verify that you work there right
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when you go
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to verify a deposit or vod verify assets
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through the bank which lenders sometimes
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do for the transactions
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guess what they charge 20 to 50 dollars
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for that as well
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so as lenders yes we're nickeled and
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dimed and we are charged for everything
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everything everything everything
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including the overhead for the people
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that work on your file
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including for the the brick the mortar
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the buildings the electronics the i.t
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everything right there's a cost in doing
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business there's a big variation
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in lender fees there's a big variation
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and what people
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call these or lenders call these there's
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a big variation
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in the amount of fees that are charged
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the point
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understand what the lender fees are
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understand how they compare to the other
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fees we've talked about here today
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please please please please understand
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what you're doing and what you're
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looking at
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it breaks my heart when
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customers sorry borrowers are comparing
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the wrong numbers if you look and say
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i'm comparing lender a to b
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and one is eight thousand and one is
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nine thousand
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and one is estimating really low home
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insurance and one's on point
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if you're not looking at the lender fees
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and you're just looking at a total
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you're messing yourself over you really
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really are
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when you're comparing lenders compare
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apples to apples we're going to compare
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lender fees
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to lender fees not title company not
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clerk of course not home insurance not
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escrow setup
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those things are of course all estimates
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depending upon exact close date
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title company you choose blah blah blah
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blah blah but
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now that you know what lender fees are
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how they compare to everything else
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how they vary what they may or may not
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look like
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you can actually make a great informed
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decision and that makes me very happy
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because that was the purpose
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of today's video is lender fees knowing
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what you're getting
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knowing how to read it knowing how to
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compare it making sure you're getting
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yourself the best deal possible
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don't forget i always have a free
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download for you i'm going to put the
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link to that in the description
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below do me a favor type in the comments
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money money money yep money money money
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because we're talking about lender fees
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and we're talking about money and if
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you've enjoyed today's video i would
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love to see that comment i'll say it
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again
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money money money so that i know you've
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gotten some good information in today's
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video
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thank you for watching if you have not
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subscribed yet why not
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go ahead and do it what's it gonna hurt
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seriously though
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subscribe to the channel don't forget to
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hit the bell to be notified
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and family to help me spread my mission
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of
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mortgage peace and since you're here
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with me today and you're visiting anyway
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stay a little longer check out some of
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these other videos i'll drop some links
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up here
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