People are leery and suspicious of what they have been told about “junk fees” that are added into the cost of their mortgage loan. A common belief is that these charges are just thrown in so a mortgage broker can make more profit! As a loan officer are you prepared to explain all those fees and what they are for? Or do you skim over the high points and let your processor do all the dirty work when they send the GFE?
If you are not conversant with everything that ends up on a HUD-1, and have trouble fielding your clients’ questions about miscellaneous fees, why not let this handy government website answer those questions.
Whether you are new to the industry or a seasoned pro, the information is easy to understand and can make your job easier when explaining settlement costs and fees that are encountered in every residential mortgage transaction.
Why reinvent the wheel? Your tax dollars were used to produce this booklet, you should use it to your advantage!