Question:

Are lender fees on Good Faith Estimate going to change?

Answer:

They shouldn't but they may. Lender fees on Good Faith Estimate have to be distinguished from 3rd party charges and junk fees. Loan origination, loan discount, mortgage broker fees should not change. Lenders should know how much they charge for originating and servicing the loan.

However, borrowers have reported that lender fees have gone up on the HUD-1 statement, or new items have shown up. To avoid lender fees on Good Faith Estimate going up right before closing, try to talk the lender into a bottom line amount of closing costs. Some lenders will in fact declare that they assume responsibility for lender fees disclosed on their Good Faith Estimates since major lenders have expressed intention to guarantee their prices to borrowers.

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