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Old 12-14-2011, 07:24 AM
 
2 posts, read 5,765 times
Reputation: 10

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I am closing on a refinance today and I just was reading about Lender's credits and origination fees.

Here's what's on my fees worksheet

Total Loan amount: $153,918
Interest Rate 3.875%
30 year
Loan Origination (1%) $1539.18
Admin Fee $900

Lender Credit $1423.74


So I believe my adjusted origination fee is $1015.44


My question is:

Is the Admin Fee a scam and what is the Lender Credit?

If my adjusted is $1015 which is less than 1% of total loan, aren't I getting a good deal on this loan?
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Old 12-14-2011, 08:15 AM
 
Location: Fort Collins, CO
166 posts, read 359,475 times
Reputation: 288
Seems good!... admin fee must be for things like title search, title insurance, mortgage recording fees. Those things have to happen when a new lein replaces the existing one, even if it's the same lender. They should provide a detailed listing of 3rd party costs. Good luck!
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Old 12-14-2011, 08:17 AM
 
Location: Boca Raton, FL
4,872 posts, read 8,361,360 times
Reputation: 5514
Smile Good deal

You are getting a good deal. The admin fee does cover underwriting, all the miscellaneous fees. There's a lot involved.
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Old 12-14-2011, 08:42 AM
 
2 posts, read 5,765 times
Reputation: 10
Default clarification

Thank you both for posting your reply so quickly. It was helpful.

I just want to bring a bit more clarification however since I wasn't very detailed in my last post.

The Admin fee of $900.00 is a separate line item and is in addition to the following other third party fees:

Appraisal
Title Insurance
Title Search
Credit Report
Verification of Employment
Flood Certification

Can I just go by my Adjusted origination fee as my total "origination fees"
or are there other things like YSP to consider?

Also, is "Lender Credit" basically the YSP the mortgage broker is passing on to me?
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