Posted by ReneeK_MI on 7/25/11 6:20am
Msg #391064

Bankrate says closing costs increased 8.8% avg ...

Interestingly, nothing is said of the 'decrease in costs' for contract closers/signing agents.

Excerpts from the article, linked below ...

"Nationwide, the average origination and title fees on a $200,000 purchase mortgage totaled $4,070, according to Bankrate's annual survey of closing costs. That's an 8.8 percent jump compared to 2010 when the average closing costs totaled $3,741.

Most of the jump in closing costs is tied to fees charged directly by lenders.

On average, lenders charged about $1,614 in origination fees this year, up 10.3 percent from last year. Origination fees include lender charges for services such as underwriting and processing.

Fees imposed by third parties, including title, appraisal, postage/courier and survey charges, averaged $2,456, up 7.9 percent from 2010."

Read more: http://www.bankrate.com/finance/mortgages/2011-closing-costs/

Reply by HisHughness on 7/25/11 7:16am
Msg #391069

So, on an e-doc closing for which the TC/SS wants to reduce the signing agent fee to $75 total, the loan officer's commission has gone up over 10 percent, the title company is making 8 percent more, and so are the appraiser and surveyor -- and even the courier.

Guess those increases had to oome from somewhere.

Reply by ReneeK_MI on 7/25/11 7:55am
Msg #391070

2011 avg is 32.71% higher than 2009 avg

Using Bankrate's figures from their annual surveys, compiling the nat'l averages:

2009 was $2,739
2010 was $3,741
2011 is $4,070

Infuriating.

Reply by CF on 7/25/11 8:16am
Msg #391073

Renee- that's why I am LMAO at all the low ballers in our

area that are running all over, dealing w/ late docs, and the list goes on and on. This business is cyclical....it will come back around and if it doesn't let the low ballers have at it!!!! I keep laughing at the fools game that people are playing in SE Michigan now.

Lots of new profiles popping up stating they have closed over 10,000 loans and all that jazz and that they can farm out the deals. WHATEVER- GET A CLUE!!!!! Keep chasing your tail in a circle!!!!

Reply by Lee/AR on 7/25/11 9:33am
Msg #391084

Subtitle: Why you should stick to your fees. n/m

Reply by Notarysigner on 7/25/11 10:42am
Msg #391097

Ditto Lee ,excellant reason to quote n/m

Reply by GOLDGIRL/CA on 7/25/11 11:33am
Msg #391103

Re: Subtitle: Why you should stick to your fees.

So true, Lee! While they all cry the blues about the down economy, the suffering housing market and the poor borrowers, lenders and title raise their fees simply because they can and then try to decrease our fees to the point where it wouldn't make sense to stay in business, (if you could even call it that anymore). What hypocrites. Further proof: A TC and I parted ways because they dropped their fee to $85 - but the LO told me the same TC raised its fees to Chase! Yikes.