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Junk Fee - Tag Page

Processing Fee – Glossary Term

A mortgage processing fee is not a junk fee most of the time. It is an actual service performed by either an employee of the mortgage company or an outsourced mortgage processing company. It should cost between $300 and $500 and is part of your closing costs. You will see it on the Good Faith [...]

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Underwriting Fee – Glossary Term

A mortgage underwriting fee is charged by the lender who underwrites your mortgage. It can be one of the largest fees on your Good Faith Estimate and HUD1 closing statement besides the origination fee. Some lenders charge an underwriting fee and other fees like doc prep or wire fee. Doc prep is printing off the [...]

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Junk Fee – Glossary Term

A junk fee is a fee that is charged to the borrower but serves no purpose other than to increase the revenue to the originator. There is quite a bit of confusion on legitimate fees and junk fees on the Good Faith Estimate but more often than not, fees are not junk. Junk fees mortgage [...]

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