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Old 05-16-2010, 02:07 AM
 
2,090 posts, read 2,233,213 times
Reputation: 1068

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Disclaimer: I am oblivious to GFE and estimation charges for mortgage loans.

I just received a GFE sheet from my lender and I was appalled to see that the lender's title insurance would cost $14,150.00 I'm thinking this has to be a typo and they probably meant to charge 1,415.00 for the title insurance.

So far, here's brief summary of the charges for $200,000.00 loan:

Origination charges: 4,245.00
Appraisal, tax service, credit report, flood cert fees: 600.00
Lender's title insurance: 14,150.00 (this has to be a typo error)
Government recording charges: 120.00
Daily interest charges: 833.33
Homeowner's insurance (Hazard insurance premium): 300.00

Total estimated settlement charges: $20,248.33

Assuming that it is a typo, the correct estimated settlement charges would be $7,513.33. Does this sound right?

And somebody please tell me this has got to be a typo error on the lender's part. My mortgage agent is out of office until Monday so this is going to be a long weekend.
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Old 05-16-2010, 09:27 AM
 
Location: anywhere
1,730 posts, read 2,760,743 times
Reputation: 1738
It's a typo.
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Old 05-16-2010, 12:02 PM
 
19 posts, read 59,703 times
Reputation: 16
100% typo...I'm in the process of purchasing another home. My lender's title ins on my GFE for a $248K home is $1156.
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Old 05-16-2010, 05:54 PM
 
2,090 posts, read 2,233,213 times
Reputation: 1068
Thanks, guys. It's reassuring to hear that it is a typo.
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Old 05-16-2010, 11:16 PM
 
Location: NJ
17,580 posts, read 20,825,036 times
Reputation: 15414
Quote:
Originally Posted by TimC2462 View Post
Thanks, guys. It's reassuring to hear that it is a typo.
Be happy when you here it from you lender.
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Old 05-17-2010, 10:05 AM
 
758 posts, read 577,060 times
Reputation: 312
Funny, I got the same letter months ago and asked if it is a typo and they said no so I paid around $23,000 for it
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Old 05-17-2010, 10:58 AM
 
Location: Laguna Niguel, CA
768 posts, read 2,787,554 times
Reputation: 425
DVDFreaker, you may want to review your Final HUD-1 settlement to see how much you were actually charged (GFE just shows an estimate, Final HUD-1 shows the actual charges). Also helps to know what your loan amount and state you were purchasing in, as title insurance costs vary based on those two variables.
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Old 05-21-2010, 11:14 AM
 
43 posts, read 111,531 times
Reputation: 23
Even $1415 would be quite a high in my experience. You can search your own title insurance.
We use one online company and save about 50% off of lender GFE on title insurance and settlement charges. You can PM me if you want to know the company name or URL.
Hint: "Direct" to the source, you will get the same result with lower costs.
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Old 05-27-2010, 07:49 AM
 
10,116 posts, read 11,396,373 times
Reputation: 9210
Quote:
Originally Posted by TimC2462 View Post
Disclaimer: I am oblivious to GFE and estimation charges for mortgage loans.

I just received a GFE sheet from my lender and I was appalled to see that the lender's title insurance would cost $14,150.00 I'm thinking this has to be a typo and they probably meant to charge 1,415.00 for the title insurance.

So far, here's brief summary of the charges for $200,000.00 loan:

Origination charges: 4,245.00
Appraisal, tax service, credit report, flood cert fees: 600.00
Lender's title insurance: 14,150.00 (this has to be a typo error)
Government recording charges: 120.00
Daily interest charges: 833.33
Homeowner's insurance (Hazard insurance premium): 300.00

Total estimated settlement charges: $20,248.33

Assuming that it is a typo, the correct estimated settlement charges would be $7,513.33. Does this sound right?

And somebody please tell me this has got to be a typo error on the lender's part. My mortgage agent is out of office until Monday so this is going to be a long weekend.
I am sure it's a typo. Call the lender.
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Old 05-27-2010, 08:04 AM
 
Location: Boca Raton, FL
4,039 posts, read 5,093,795 times
Reputation: 3612
Smile Lenders title insurance

Quote:
Originally Posted by TimC2462 View Post
Disclaimer: I am oblivious to GFE and estimation charges for mortgage loans.

I just received a GFE sheet from my lender and I was appalled to see that the lender's title insurance would cost $14,150.00 I'm thinking this has to be a typo and they probably meant to charge 1,415.00 for the title insurance.

So far, here's brief summary of the charges for $200,000.00 loan:

Origination charges: 4,245.00
Appraisal, tax service, credit report, flood cert fees: 600.00
Lender's title insurance: 14,150.00 (this has to be a typo error)
Government recording charges: 120.00
Daily interest charges: 833.33
Homeowner's insurance (Hazard insurance premium): 300.00

Total estimated settlement charges: $20,248.33

Assuming that it is a typo, the correct estimated settlement charges would be $7,513.33. Does this sound right?

And somebody please tell me this has got to be a typo error on the lender's part. My mortgage agent is out of office until Monday so this is going to be a long weekend.
In Florida, that would cost you about $1075 so I'm sure it's a typo.
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