title charges on good faith estimate

[dethman_IHB]

are the title charges (11xx) on the good faith estimate estimations by the lender and charged by the escrow company? or will they be fixed and charged by the lender?



for example, i have two GFEs in front of me, one with



1101 settlement/closing/escrow $1100

1109 lender's title insurance $750

1113 title wire fee $75

1201 recording fee $150



another another with



closing escrow $2200

notary fee (third party) $100

title insurance $2032

courier/express mail-clsng $50

title insurance endorsement $100



trying to figure out if these numbers, especially title insurance and closing/escrow, just depend on the escrow company, or if they are dependent on my lender. because the second one is significantly more expensive...

 

[usctrojanman29_IHB]

[quote author="dethman" date=1257672558]are the title charges (11xx) on the good faith estimate estimations by the lender and charged by the escrow company? or will they be fixed and charged by the lender?



for example, i have two GFEs in front of me, one with



1101 settlement/closing/escrow $1100

1109 lender's title insurance $750

1113 title wire fee $75

1201 recording fee $150



another another with



closing escrow $2200

notary fee (third party) $100

title insurance $2032

courier/express mail-clsng $50

title insurance endorsement $100



trying to figure out if these numbers, especially title insurance and closing/escrow, just depend on the escrow company, or if they are dependent on my lender. because the second one is significantly more expensive...</blockquote>
The title charges are charged by the Title Company...which is a separate company from the lender and the escrow company and neither have anything to do in determining what this cost is. The Lender's Title Policy is based upon a rate schedule from the title companies based upon the loan amount and is typically paid by the buyers (the sellers pay for the Owner's Title Policy). Why have you gotten 2 separate GFEs? Are they from two different escrow companies?

 

[dethman_IHB]

two different estimates from two different lenders. i have no estimates from escrow or title companies. so all these charges will be independent of what lender i choose, and only dependent on escrow and title companies? all this is so confusing hehe...

 

[lyndonchiu_IHB]

[quote author="dethman" date=1257674323]two different estimates from two different lenders. i have no estimates from escrow or title companies. so all these charges will be independent of what lender i choose, and only dependent on escrow and title companies? all this is so confusing hehe...</blockquote>


Right, I don't think these charges have anything to do with your lenders, but really depend on escrow and title company. Ask the lenders that provided your GFE, most likely they will say these are only estimates based on market average...

 

[Soylent Green Is People_IHB]

Those costs are not set by any lender. They are third party fees.



Closing costs are broken into three categories - <strong>Lender</strong> (appraisal, points, tax service, underwriting, processing, documents, flood certification - generally fees in the 800 series). <strong>Non-Lender fees</strong> (escrow, title, sub escrow, HOA transfer fees, wiring fees, notary, title endorsements, etc - generally those fees you see the greatest discrepancy on ) - and <strong>Pre-Paid expenses</strong> (interest, taxes, insurance).



Any lender can quote a very low or very high escrow fee. <strong>They are both righ</strong> since neither lender controls those fees.



I suggest this comparison: Day/time of quote, Rate, Lender Only Fees, and Length of Lock. You can sometimes exclude appraisal fees as they are charged by the service provider. Due to HVCC guidelines this cost, although from the lender, is a rough estimate. The appraiser will charge "X" cost. We can only approximate now a days. The rate lock should be identical in length.



With this information you can know if your getting a deal, or the shaft.



My .02c



Soylent Green Is People.