Posted by Anonymous on 12/21/05 4:02pm
Msg #83930

Richmond Title question

I notarized for a closing yesterday for the first time with Richmond Title and was shocked at the closing costs they charged. I didn't say anything because I want to get paid but has anyone else had an experience with high closing costs to both the buyer and seller? Any one else had an experience like this?

Reply by Anonymous on 12/21/05 4:38pm
Msg #83937

From my experience, the closing fees in general are more "loan" related rather than "Title company" related. If the borrower has less then perfect credit, the closing costs tend to go up the lower the credit score.

Reply by ReneeK_MI on 12/22/05 3:43am
Msg #84043

One more reason in the long list of reasons why I don't read anon postings - and this is an exception in responding to one.

What STATE are you in? What STATE was prop in? That's significant, relative to typical fees.
This was a purchase, so that alone changes things.
You refer to Richmond's closing costs, but that's a VERY general statement and we don't know YOU, so we don't have any indication your level of knowledge - are you meaning THE "Closing/Settlement Fee" payable to Richmond, or do you mean TOTAL fees, and do you know the difference? If you don't know, and you're posting this relative to Richmond Title's name, that's irresponsible, IMHO.

Also - there's a very good reason why higher-risk loans usually have higher TOTAL fees - that's usually because those loans have an ADDITIONAL party to be paid, because they are brokered (usually). Title doesn't relate their discretionary fees to borrower, they have fee schedules that are either arbitrary, or related to their clients - the mortgage banker/broker, and the extent of work associated with each particular file/client.

In general, more often than not, and IMHO.